BTCCourant
Analysis

Bitcoin (BTC) Price Remains Strong Buy On Dips Despite Binance Hack

  • 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

Bitcoin (BTC) Price Remains Strong Buy On Dips Despite Binance HackLooking 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.

Also Read: Bitcoin remains in a strong uptrend despite

Technical indicators:

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.

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