Bitcoin Price Weekly Analysis: BTC/USD Remains Supported Near $6,380
- Bitcoin price is holding the $6,380 and $6,350 support levels against the US Dollar.
- There is a major contracting triangle forming with resistance at $6,420 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair needs to surpass the $6,420 and $6,460 resistance levels to gain momentum.
Bitcoin price is holding the key $6,350 support against the US Dollar. BTC/USD is likely to break $6,420 to climb towards the $6,460 and $6,500 levels.
Bitcoin Price Analysis
This past week, sellers made many attempts to clear the $6,380 and $6,350 supports in bitcoin price against the US Dollar. However, the BTC/USD pair remained well bid around the $6,380 level, which acted as a strong support. The recent low was formed at $6,385 before the price started an upside correction. It traded above the 23.6% Fib retracement level of the recent decline from the $6,450 high to $6,385 low.
The price also moved above the $6,400 level and the 100 simple moving average (4-hours). However, the upside move was protected by the $6,415-6,420 zone. Besides, the 50% Fib retracement level of the recent decline from the $6,450 high to $6,385 low is acting as a strong resistance. More importantly, there a major contracting triangle forming with resistance at $6,420 on the 4-hours chart of the BTC/USD pair. The pair may soon clear the $6,420 resistance to climb further. However, a proper break and close above the $6,460 resistance is needed for buyers to gain momentum.
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Looking at the chart, BTC price is well supported on the downside near the $6,380 and $6,350 levels. As long as the price is above these supports, there are high chances of it moving higher towards $6,460. The next main hurdle for buyers are $6,500 and $6,540.
Looking at the technical indicators:
4-hours MACD – The MACD for BTC/USD is slowly gaining pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently flat near the 50 level.
Major Support Level – $6,350
Major Resistance Level – $6,460
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