Bitcoin has had a relatively tumultuous week, having surpassed $6,700 during last week’s peak, to dropping to a low of approximately $6,400 and rising back up again. It’s current price remains above the $6,600 level.
Key Motions Of The Bitcoin Price
- The Bitcoin price is currently trading above the $6,400 and $6,450 support levels against the US Dollar.
- The price range is still within the contracting triangle as per the graph.
- BTC has kept a support of $6,460 on the hourly chart.
- The BTC/USD pair can move above $6,640 or below $6,460 in the short term.
- The Bitcoin trading price is above the pivoting level of $6,350 against the USD.
A Deeper Price Analysis
Bitcoin has garnered a solid support base above both the $6,320 and $6,350 levels against the US Dollar. The BTC/USD pair had lower highs at $6,800, $6,700 and $6,640. Its lowest point was $6,398, after which it has risen to $6,500. Above the $6,600 level and the 100 hourly simple moving average, a break was formed.
The BTC price broke the 50% Fib retracement level of the last drop from its almost $400 difference between its $6,797 high and $6,398 low.
Bitcoin’s upside move then was capped at the $6,640 level. This represents the 61.8% Fib retracement level of the last descent of the $6,797 high to the $6,398 low.
The BTC/USD pair dipped, trading below the $6,550 level and the 100 hourly SMA.
Similar to last week, a contracting triangle remained in place with a support of $6,460 on an hourly chart of the BTC/USD pair. In order to push towards the $6,800 mark, there needs to be a break a break above the triangle resistance and the reach of $6,640.
Below the triangle support, the price may drop towards the crucial $6,350 support level.
The chart is telling of the possible next move for the Bitcoin price, which is slated to rise either above $6,640 or dip below $6,460. Based on the current price action, buyers have the potential to move the price above $6,640 and $6,700.
The technical indicators show an hourly MACD of the BTC/USD pair to mostly be flat and in the bearish zone. The hourly RSI (Relative Strength Index) rests above the 50 level. Bitcoin has a major support level of $6,460 and a major resistance level of $6,640.
The pair is likely to attempt to exceed the $6,640 resistance.
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