Bitcoin Price Analysis: BTC/USD Primed for More Gains

Bitcoin price gained traction recently and moved past $6,460 against the US Dollar. BTC/USD traded as high as $6,525 and it is currently correcting gains.

Important Points:

    • Bitcoin price settled above the $6,395 resistance and the 100 simple moving average (2-hours).
    • BTC/USD broke a monster bearish trend line with resistance at $6,410 on the 2-hours chart.
    • BTC price is currently placed in a bullish zone above the $6,395 and $6,345 supports.

Bitcoin Price Analysis

In the last analysis, we discussed that bitcoin price could be approaching towards a bullish break above the $6,395 resistance against the US Dollar. BTC/USD did gain momentum in the past two days and traded above the $6,395 and $6,460 resistance levels.

The 2-hours chart indicates that the price started a solid rise and traded above the $6,500 resistance and the 100 simple moving average (2-hours). The price traded as high as $6,525 and later it started a downside correction below $6,490.

Bitcoin Price Analysis
Bitcoin Price Analysis Chart Source by TradingView

Sellers pushed the price below the $6,460 support and the 23.6% Fib retracement level of the last wave from the $6,245 low to $6,525 high.  However, there are a few key trend support levels positioned near the $6,395 level.

First, the 100 simple moving average (2-hours) is positioned at $6,402. Second, the previous bearish trend line could act as a support near $6,395. Finally, the 50% Fib retracement level of the last wave from the $6,245 low to $6,525 high is at $6,385.

Therefore, if the price accelerates the current correction wave, buyers are likely to appear around the $6,395 or $6,385 level. Below the $6,385 level, the next support is around the $6,345 level.

On the upside, an initial resistance is $6,460, above which the price may perhaps climb above the $6,500 resistance. Finally, if there is a break above the $6,525 high, buyers could push the price towards $6,600.

Overall, bitcoin price is back in a positive zone and it could resume its upside move above $6,500 as long as buyers protect the $6,385 support plus the 100 SMA.

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