Bitcoin Price Analysis: BTC/USD Showing Reversal Signs

Bitcoin Price Analysis BTC Chart

Bitcoin price formed a solid support base around $5,800 and recovered against the US Dollar. BTC/USD is now trading well above the $6,000 resistance with a few positive signs.

Key Findings:

  • Bitcoin price jumped sharply after forming a base around $5,800 and $5,750.
  • There was a break above a crucial bearish trend line with resistance at $6,000 on the 2-hours chart of BTC/USD.
  • The pair is currently attempting a close above a significant bearish trend line on the daily chart at $6,300.

Bitcoin Price Weekly Analysis

Bitcoin price extended its decline this past week towards the $5,800-5,700 zone against the US Dollar. The BTC/USD pair managed to stay above the $5,700 level and formed a decent support base for an upward wave.

Looking at the 2-hours chart, the price formed a bottom and jumped above a few key resistances such as $6,000 and $6,200. More importantly, there was a break above a crucial bearish trend line with resistance at $6,000 on the same chart.

Bitcoin Price Analysis BTC Chart

The price gained traction above the $6,200 resistance and the 21 simple moving average. It succeeded in clearing the 50% Fib retracement level of the last decline from the $6,827 high to $5,777 low.

These are positive signs and suggests that the price was rejected from the $5,800 support zone. At the moment, the price is consolidating near the 61.8% Fib retracement level of the last decline from the $6,827 high to $5,777 low.

It may perhaps correct a few points in the short term towards the $6,250 and $6,000 levels, which are likely to act as supports. Should there be more declines below $6,200, the price may resume its slide.

On the other hand, a break above the $6,400-6,500 resistance zone could open the doors for more gains in the near term. The next target for buyers might be the last swing high at $6,800.

Bitcoin Price Weekly Analysis

Looking at the daily chart of bitcoin price, it seems like BTC/USD is attempting a close above a significant bearish trend line at $6,300. If buyers succeed in a close above $6,300, it will most likely set the pace for an upward acceleration in the near term.

The market data is provided by TradingView, Coinbase.

Laisser un commentaire

Votre adresse de messagerie ne sera pas publiée. Les champs obligatoires sont indiqués avec *