- Bitcoin value listed to a replacement 2019 high on top of $5,950 and recently corrected lower against the US Dollar.
- The price declined below the $5,900 and $5,840 support levels, however it remained well bid.
- There was an opening below a connecting optimistic line with support close to $5,840 on the hourly chart of the BTC/USD try (data feed from Kraken).
- The try is probably going to climb higher once towards the $5,880 and $5,900 levels within the close to term.
Bitcoin value started a draw back correction once testing $5,950-6,000 against the US Dollar. BTC remains well supported within the short term close to the $5,740 and $5,560 levels.
Bitcoin Price Analysis
Yesterday, there was a recent rise in bitcoin price on top of the $5,850 resistance against the US Dollar. The BTC/USD try climbed on top of the $5,900 level and listed getting ready to the $6,000 resistance level. a replacement 2019 high was shaped close to $5,965 and therefore the value recently corrected lower.
There was a pointy dip below the $5,900 level, triggered by the report of 7000 BTC hack news from the cryptocurrency exchange, Binance. the worth declined below the $5,800 support and therefore the 50% Fib retracement level of the last wave from the $5,563 low to $5,962 high.
During the decline, there was an opening below a connecting optimistic line with support close to $5,840 on the hourly chart of the BTC/USD try. The try even spiked below the $5,700 level and therefore the 100 hourly straight forward moving average. It tested the 76.4% Fib retracement level of the last wave from the $5,563 low to $5,962 high. once tagging the $5,670 level, the price bounced back. it’s presently commerce on top of the $5,750 level and therefore the 100 hourly straightforward moving average.
On the upper side, a right away resistance is close to the $5,840 level. If there’s associate upper side break on top of the $5,840 level, the worth could retest the $5,900 level. any more gains might push the worth towards the $5,950-5,960 resistance zone. On the draw back, associate initial support is at $5,760. ensuing key support is close to the $5,740 level and therefore the 100 hourly SMA.
Bitcoin Price Analysis BTC Chart
Looking at the chart, bitcoin value clearly corrected lower sharply, however later bought back on top of $5,740. Therefore, there area unit high probabilities of a recent rise towards the $5,900 and $5,950 level. Conversely, if the worth breaks the one hundred hourly SMA, it might come back the most support close to the $5,560 level within the returning sessions.
Hourly MACD – The MACD is presently placed within the pessimistic zone, with some positive signs.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is presently moving higher and it might break 50.
Major Support Levels – $5,740 followed by $5,560.
Major Resistance Levels – $5,840, $5,900 and $5,960.