Key Points
- Bitcoin price failed to move above the $6,600 resistance and it currently under pressure against the US Dollar.
- There is a significant bearish trend line formed with resistance at $6,500 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair must move above the $6,500 hurdle and the 100 hourly simple moving average to climb higher.
Bitcoin price is still struggling to gain pace above $6,600 against the US Dollar. BTC/USD is likely to hold the $6,325 and $6,230 support levels in the near term.
Bitcoin Price Analysis
This past week, there was a decent bounce from the $6,130 level in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,500 and $6,600 resistance levels. However, sellers successfully defended the $6,700-30 zone. As a result, there was a downside reaction and the price declined below the $6,660 pivot level. There was also a break below the 50% Fib retracement level of the last wave from the $6,122 low to $6,731 high.
The price even settled below the $6,500 level and the 100 hourly simple moving average. However, the price was able to hold the 61.8% Fib retracement level of the last wave from the $6,122 low to $6,731 high. There are many important support levels on the downside such as $6,325 and $6,230. As long as the price is above $6,230, it could make an attempt to move higher. On the upside, there is a significant bearish trend line formed with resistance at $6,500 on the hourly chart of the BTC/USD pair.
Looking at the chart, the price has to move past the trend line resistance, $6,500, and the 100 hourly SMA to gain upside momentum. A close above $6,500 may clear the path for a push towards $6,700.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is about to move back in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is moving higher towards the 50 level.
Major Support Level – $6,230
Major Resistance Level – $6,500
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