Bitcoin Price Analysis: BTC/USD Could Correct To $6,750

Bitcoin Price Weekly Analysis BTC USD

Bitcoin price declined and tested the $6,120 support area against the US Dollar. BTC/USD is currently correcting higher and it could test $6,700-6,750.

Key Findings:

  • Bitcoin price is slowly rising from the $6,120 swing low and is currently above $6,400.
  • BTC/USD is holding an important bullish trend line with support at $6,210 on the daily chart.
  • The pair is trading inside an ascending channel with support at $6,470 on the 2-hours chart.

Bitcoin Price Weekly Analysis

Bitcoin price declined further earlier this past week and tested the $6,100-6,120 support area against the US Dollar. The BTC/USD pair is currently correcting higher and is positioned nicely above the $6,400 level.

Bitcoin Price Analysis BTC Chart

Looking at the daily chart, the price found support near the $6,100-6,120 support area and later started an upside move. It traded above the $6,350 and $6,400 resistance levels to move into a positive zone.

There was also a break above the 23.6% Fib retracement level of the major drop from the $7,400 swing high to $6,120 swing low. It has opened the doors for more gains towards the $6,680 level and the 25-day simple moving average.

However, there is a key resistance formed near $6,750 and the 50% Fib retracement level of the major drop from the $7,400 swing high to $6,120 swing low. Moreover, there is also a connecting bullish trend line in place on the same chart with resistance at $6,850.

Therefore, if the price continues to trade higher, it could find many sellers near the $6,720, $6,750 and $6,850 levels. On the downside, there is a crucial bullish trend line in place with support at $6,180. Below the trend line, the price could decline sharply towards the $5,800 support.

Bitcoin Price Weekly Analysis BTC USD

Dropping down to the 2-hours chart, BTC/USD broke a contracting triangle with resistance at $6,340 to clear the path for buyers. At the moment, the price is trading inside an ascending channel with support at $6,470.

If bitcoin price breaks the channel support, it could correct lower towards the $6,386 and $6,340 support levels. Further below $6,340, the price could test the all-important $6,180 and the trend line support in the near term.

The market data is provided by TradingView, Coinbase.

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