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Bitcoin (BTC) Price Hits $ 6.5K Goal: $ 6.85K can be the real test



  • Bitcoin price extended gains over $ 6,400 and $ 6,440 resistance levels against US dollars.
  • The prize tested the $ 6,500 resistance level key as discussed in yesterday's analysis.
  • Also, yesterday's highlighted key bullish trend line is intact with $ 6,060 support on the BTC / USD pair hourly chart (Kraken data feed).
  • The pair remains in a strong uproar, and it appears that the real test for the bulls can be close to $ 6,850.

Bitcoin price expands its rally over the $ 6,450 level against the US dollar. BTC follows a solid bullish path and it seems that it can even test the level of $ 6,800 in the short term.

Bitcoin Price Analysis

Yesterday we saw a sharp increase in the bitcoin price over $ 6,200 resistance against the US Dollar. The BTC / USD pair even broke the $ 6,350 level and beat well over the 1

00-hour simple moving average. As a result, the bulls are in control, and they were successful in clearing a large resistance area near the $ 6400 level. Previously, there was a minor dip, but $ 6,280 and $ 6,300 levels provided support. As a result, the price died back and broke the $ 6,450 level.

It recently tested the $ 6,500 level and now consolidates winnings. An original support is close to $ 6,440, and the 23.6% Fib retracement level of the recent wave from $ 6,245 low to $ 6,500 high. However, the main support is near the previous breakout zone of $ 6,400. Also, the 50% Fib retracement level of the recent wave from $ 6,245 low to $ 6,500 high is also close to the $ 6,400 level to act as a strong support. Under $ 6,400, the price may fall back toward the $ 6,250 support area.

More importantly, yesterday's highlighted key bullish trend line intact with support of $ 6,060 on the hourly chart for the BTC / USD pair. The couple are clearly in a strong streak, and it may even break $ 6,500 and $ 6,600 in the upcoming sessions. As a result, the main targets of the bulls can approach $ 6,800 and $ 6,850 (as pointed out in one of the previous analyzes with the daily chart).

 Bitcoin Price Analysis BTC Chart

Looking at the chart, the bitcoin price gets over the $ 6400 level. It may be a couple of turns moving toward $ 6,400 or $ 6,300, but dips remain well supported. Only a close below $ 6,000 pivot level and the 100 hour SMA could start a strong correction.

Technical Indicators:

Monthly MACD – MACD is gaining momentum in the bullish zone, with bullish signs.

RSC for BTC / USD goes higher towards the 75 level.

Larger support levels – $ 6,400 followed by $ 6,250.

Large Resistance Levels – $ 6,500, $ 6,600, and $ 6,800.


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