Bitcoin Price Weekly Analysis: BTC/USD Could Correct Above $6,400

Key Points

  • Bitcoin price is slowly recovering slowly and steadily above the $6,100 level against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $6,220 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair must stay above the $6,100 level to stay in the positive zone and recover higher.

Bitcoin price declined heavily below $6,500 against the US Dollar. BTC/USD found support near $6,000 and is currently attempting an upside correction.

Bitcoin Price Resistance

This past week, there were heavy losses in bitcoin price from well above the $7,100 level against the US Dollar. The BTC/USD pair fell and broke many supports like $7,000, $6,830, $6,500 and $6,200. The price tested the $6,000 support zone where buyers appeared. A low was formed at $5,982 and later the price started an upside correction towards the $6,500 level.

It broke the 23.6% Fib retracement level of the last major drop from the $7,155 high to $5,982 low. More importantly, there was a break above a key bearish trend line with resistance at $6,220 on the 4-hours chart of the BTC/USD pair. However, the upside was capped by the $6,450 level. The 38.2% Fib retracement level of the last major drop from the $7,155 high to $5,982 low also acted as a resistance. At the moment, the price is currently testing the broken trend line and is finding bids above $6,200. BTC price could bounce back and it could accelerate gains above the $6,400 and $6,500 levels.

Looking at the chart, BTC price is showing a few positive signs above $6,100. However, it must clear the $6,400 and $6,500 levels to stage a decent recovery.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is still below the 50 level.

Major Support Level – $6,100

Major Resistance Level – $6,400

Author: Aayush Jindal

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