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Key Points

  • Bitcoin price is consolidating below the $6,520 resistance level against the US Dollar.
  • Yesterday’s highlighted key ascending channel is active with support at $6,430 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could decline a few points towards $6,400 or $6,380 before it climbs higher.

Bitcoin price is currently trading in a range above $6,400 against the US Dollar. BTC/USD must break $6,520 to accelerate gains in the near term.

Bitcoin Price Analysis

During the past few sessions, there was hardly any action above $6,500 in bitcoin price against the US Dollar. The BTC/USD pair consolidated below the $6,500 and $6,520 resistance levels. Earlier, a low was formed at $6,349 before the price corrected higher. It traded above the $6,460 level, but it struggled to clear the $6,500 and $6,520 resistance levels.  Moreover, there was no close above the 23.6% Fib retracement level of the last slide from the $6,830 swing high to $6,349 low.

At the outset, yesterday’s highlighted key ascending channel is active with support at $6,430 on the hourly chart of the BTC/USD pair. The price is currently struggling to hold the channel support at $6,430. It means there are chances of a downside spike towards the $6,400 or $6,380 support levels. Below these, the next key support is near $6,320 and the 100 hourly simple moving average. Once the pair starts climbing, it could face sellers near $6,520, above which the price is likely to test $6,588. It represents the 50% Fib retracement level of the last slide from the $6,830 swing high to $6,349 low.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading with a minor bearish angle below $6,520. Therefore, the price could dip sharply below the channel support or $6,400 before buyers take control.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is around the 50 level.

Major Support Level – $6,400

Major Resistance Level – $6,520

The post Bitcoin Price Watch: BTC/USD Could Dip and Rip Above $6,520 appeared first on NewsBTC.

 


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