Bitcoin Price Rejected $6,600

• Bitcoin gained bullish momentum above the $6,200 and $6,400 ranges towards

the US Greenback.
• The value topped close to the $6,640 degree and it’s at present correcting decrease.
• There’s a connecting bullish development line forming with help close to $6,420 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
• The pair may right decrease in direction of the $6,280 space if it breaks the development line help.

Bitcoin Good points 8% – Bitcoin Price Rejected $6,600

After a profitable shut above the $6,000 space, bitcoin value fashioned a help base towards the US Greenback. In consequence, BTC value began a gentle enhance above the $6,200 resistance and the 100 hourly easy transferring common.

The value gained tempo and traded above the $6,400 pivot space. It’s up greater than 8% and it even climbed above the $6,500 resistance. A excessive is fashioned close to the $6,641 degree and it looks as if the worth is struggling to realize power above $6,600.

Bitcoin is at present correcting decrease and buying and selling under the $6,500 degree. It broke the 23.6% Fib retracement degree of the current rally from the $5,846 low to $6,641 excessive.

On the draw back, an preliminary help is close to the $6,400 space. There may be additionally a connecting bullish development line forming with help close to $6,420 on the hourly chart of the BTC/USD pair.

Beneath the development line help, the worth may check the $6,300 space and the 100 hourly SMA. The principle help appears to be forming close to the $6,240 degree. It’s near the 50% Fib retracement degree of the current rally from the $5,846 low to $6,641 excessive.

If the bulls fail to guard the $6,300 and $6,240 ranges, there’s a threat of one other bearish wave. Within the talked about bearish case, the worth may dive in direction of the $6,000 degree.

Extra Upsides?

If bitcoin stays secure above $6,400 or $6,300, it may make one other try to realize power above the $6,600 resistance space.

A profitable shut above the $6,600 degree and a comply with by way of above $6,640 could maybe spark a good upward transfer in direction of the $6,800 and $7,000 resistance ranges.

Technical indicators: Bitcoin Price Rejected $6,600

• Hourly MACD – The MACD is at present shedding momentum within the bullish zone.
• Hourly RSI (Relative Power Index) – The RSI for BTC/USD is at present correcting decrease in direction of the 50 degree.
• Main Help Ranges – $6,400 adopted by $6,300.
• Main Resistance Ranges – $6,600, $6,640 and $6,800.
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• Threat disclaimer: 76.4% of retail CFD accounts lose cash.

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