- Bitcoin price rocketed higher recently and moved to a new all-time high at $6456 against the US Dollar.
- There is an ascending channel forming with current support at $6250 on the hourly chart of the BTC/USD pair (data feed from SimpleFX).
- The pair might dip a few points from the current levels, but remains supported near $6300-6250.
Bitcoin price is super bullish above $6200 against the US Dollar. BTC/USD might continue to trade higher and it could even break $6500.
Bitcoin Price Upside Move
The past few days were excellent for bitcoin price as it remained above $6000 against the US Dollar. We even discussed about the recent bullish run above $6000 in the weekly analysis. The price gained pace recently and even managed to move above the $6400 level. A new all-time high was formed at $6456 where sellers appeared and defended further gains.
At the moment, the price is correcting lower and trading near the 23.6% Fib retracement level of the last wave from the $6085 low to $6456 high. It seems like there is an ascending channel forming with current support at $6250 on the hourly chart of the BTC/USD pair. An immediate support is at $6300. Below the mentioned $6300, the 50% Fib retracement level of the last wave from the $6085 low to $6456 high is likely to act as a support at $6270.
Any dips from the current levels remain supported above $6270-6250. On the upside, the channel resistance is near $6460. A close above the mentioned $6460 level would ignite an upside move towards $6500 or even $6600 in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD is placed well in the bullish zone and showing positive signs.
Hourly RSI (Relative Strength Index) – The RSI is correcting lower towards the 50 level, but remains in the bullish zone.
Major Support Level – $6270
Major Resistance Level – $6450
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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