Bitcoin premium is trade in a contracting collection with aid above the $6,600 tier against the U s dollars. There is a major contracting triangle in place with defiance around $6,740 degree on the hourly map of the BTC/ USD duet( data feed from Kraken ). The duet can expect to construct the next move either above $6,750 or below $6,600 in the near term.
Bitcoin price is trading in a positive area above $6,610 against the US Dollar. BTC/ USD is preparing for the next move either above $6,750 or below $6,600.
Bitcoin Price Analysis
During the past few hours, there were many attempts to surpass the $6,750 opposition by bitcoin premium against the US Dollar. The BTC/ USD duet struggled to gain impetu above $6,750 and transactions in a stray. The last change low-toned was structured at $6,560 before the cost moved higher. The premium traded above the $6,610 statu and rectified above the 100 hourly simple moving median. There was also a fragment above the 61.8% Fib retracement tier of the last slip from the $6,777 high to $6,560 low.
However, the upside move was capped by the $6,750 resist. More importantly, there is a major contracting triangle in place with defiance around $6,740 position on the hourly chart of the BTC/ USD pair. The pair has to move above the triangle fighting and $6,750 for more upsides. Should there be a violate above the $6,750 degree, the expenditure may very well evaluation $6,829. It represents the 1.236 Fib extension level of the last slip from the $6,777 high-pitched to $6,560 low.
Looking at the chart, if bitcoin compensates lower, the triangle substantiate at $6,660 is likely to hold damages. Below this, the $6,610 rank and the 100 hourly SMA are likely to act as buy areas. Overall, the rate can expect to perform the next move either above $6,750 or below $6,600.
Looking at the technological shows 😛 TAGEND
Hourly MACD- The MACD for BTC/ USD is slightly moving in the buoyant zone.
Hourly RSI( Relative Strength Index)- The RSI is arranged above the 50 level.
Major Support Level- $6,610
Major Resistance Level- $6,750
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