Key Points
- Bitcoin price traded with a positive tone and is currently below the $6,300 resistance against the US Dollar.
- There is a significant bearish trend line in place with resistance at $6,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to break the $6,290 and $6,300 resistance levels to gain traction in the near term.
Bitcoin price is about to make the next move against the US Dollar. BTC/USD may perhaps accelerate gains above the $6,300 resistance if buyers take control.
Bitcoin Price Analysis
The past three sessions were mostly positive as bitcoin price settled above the $5,800 and $6,000 supports against the US Dollar. The BTC/USD pair started a decent upward move from an intermediate swing low at $6,100. It moved above the 50% Fib retracement level of the last slide from the $6,754 high to $5,650 swing low. However, the price struggled to break the $6,290 and $6,300 resistance levels.
Moreover, a significant bearish trend line with resistance at $6,290 on the hourly chart of the BTC/USD pair acted as a hurdle. Additionally, the 61.8% Fib retracement level of the last slide from the $6,754 high to $5,650 swing low also stopped gains. On the positive note, the price is trading with a bullish bias above the $6,000 level and the 100 hourly simple moving average. If the price gains momentum above the $6,290 and $6,300 resistance levels, there could be more upsides towards $6,400 and $6,500.
Looking at the chart, the price is likely to break the $6,300 barrier for further upside. If not, there is a risk of a bearish reaction back towards $6,100. Below this, the price may perhaps resume its downside move below $6,000 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is mostly in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is placed nicely above the 50 level.
Major Support Level – $6,100
Major Resistance Level – $6,300