Bitcoin Price Watch: BTC/USD’s Resistance Turned Support at $6,320

Key Points

• Bitcoin price climbed higher and broke the $6,320 and $6,380 resistance levels against the US Dollar.
• There was a break above a major contracting triangle with resistance at $6,330 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair is currently correcting lower and the previous resistance at $6,320 may holds declines.

Bitcoin price made a nice upside move above $6,320 against the US Dollar. BTC/USD tested the $6,450 resistance zone and it is currently correcting lower.

Bitcoin Price Analysis

During the past few hours, there was a slow and steady rise from the $6,198 swing low in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,200 and $6,320 resistance levels to move into a short term positive zone. The upside move was decent as the price settled above the $6,300 level and the 100 hourly simple moving average.

Besides, there was a break above a major contracting triangle with resistance at $6,330 on the hourly chart of the BTC/USD pair. The pair traded above the $6,400 level and tested the $6,450 resistance where sellers appeared. At the moment, the price is correcting lower below the 23.6% Fib retracement level of the recent wave from the $6,198 low to $6,453 high. It seems like the price could decline a few more points towards the previous resistance at $6,320, which may hold declines. Moreover, the broken channel resistance is also likely to hold losses near $6,300 along with the 100 hourly SMA.

Looking at the chart, bitcoin buyers managed to break the key $6,320 resistance. However, there are still many hurdles on the upside near the $6,450 and $6,530 levels. On the downside, dips towards the $6,320, $6,300 and $6,280 remains supported.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is now placed slightly in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently well above the 60 level.

Major Support Level – $6,320

Major Resistance Level – $6,450