Bitcoin price declined recently, but it found support near the $6,355 support against the US Dollar. BTC/USD could climb high as long as it is above $6,355.

Important points

  • Bitcoin price declined and tested an important support near $6,365 recently.
  • BTC/USD is holding an important bullish trend line with support at $6,365 on the 2-hours chart.
  • BTC price is likely to jump higher as long as it is above the $6,365 and $6,355 supports.

Bitcoin price analysis

Recently, there was a downside reaction from the $6,440 resistance area in bitcoin price against the US Dollar. BTC/USDT declined towards the $6,355 support and found a strong buy zone near the $6,365 level.

The 2-hour chart indicates that the price is still trading in a major range above the $6,355 support. Recently, it was rejected from the 23.6% Fib retracement level of the downside move from the $6,755 high to $6,354 low.

Chart sourced by TradingView, Bitstamp

It dipped below the 100 simple moving average (2-hours) and the $6,400 level. However, buyers protected losses near an important bullish trend line with current support at $6,365 on the same chart.

The price bounced back sharply within the range and retested the $6,448 resistance area, which is the 23.6% Fib level. Above the $6,448 resistance, the main resistance for buyers is near the range at $6,490.

Therefore, a convincing close above the range resistance at $6,490, followed by a break above $6,500 is needed for an upside acceleration in the near term. The next resistance could be $6,554 and the 50% Fib retracement level of the downside move from the $6,755 high to $6,354 low.

On the downside, the trend line support holds the key near $6,365, below which the price could drop towards the range support at $6,355. It seems like the price is likely to climb higher in the near term as long as buyers continue to protect the trend line and the $6,355 support.

On the flip side, a downside break below the $6,355 support could push bitcoin price back towards the $6,260 and $6,250 support levels.

The post Bitcoin Price Analysis: BTC/USD Looks Set To Climb Higher appeared first on Coingape.


Please enter your comment!
Please enter your name here