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Breaking News: Major Win For Memecoins: SEC Affirms They Typically Do Not Qualify As Securities

Bitcoin (BTC) Price Hits $6.5K Target: $6.85K Could Be The Real Test

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
bitcoin price rise btc analysis

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  • Bitcoin price extended gains above the $6,400 and $6,440 resistance levels against the US Dollar.
  • The price tested the key $6,500 resistance level as discussed in yesterday’s analysis.
  • Besides, yesterday’s highlighted important bullish trend line is intact with support at $6,060 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains in a strong uptrend and it seems like the real test for the bulls could be near $6,850.

Bitcoin price is extending its rally above the $6,450 level against the US Dollar. BTC is following a solid bullish path and it seems like it could even test the $6,800 level in the near term.

Bitcoin Price Analysis

Yesterday, we saw a strong rise in bitcoin price above the $6,200 resistance area against the US Dollar. The BTC/USD pair even broke the $6,350 level and settled well above the 100 hourly simple moving average. As a result, the bulls are in control and they were successful in clearing a major resistance area near the $6,400 level. Earlier, there was a minor dip, but the $6,280 and $6,300 levels provided support. As a result, the price bounced back and broke the $6,450 level.

It recently tested the $6,500 level and is currently consolidating gains. An initial support is near $6,440, and the 23.6% Fib retracement level of the recent wave from the $6,245 low to $6,500 high. However, the main support is near the previous breakout zone at $6,400. Besides, the 50% Fib retracement level of the recent wave from the $6,245 low to $6,500 high is also near the $6,400 level to act as a strong support. Below $6,400, the price may decline back towards the $6,250 support area.

More importantly, yesterday’s highlighted important bullish trend line is intact with support at $6,060 on the hourly chart of the BTC/USD pair. The pair is clearly in a strong uptrend and it seems like it could even break the $6,550 and $6,600 levels in the coming sessions. As a result, the main target for the bulls could near the $6,800 and $6,850 levels (as pointed out in one of the previous analysis with the daily chart).

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is gaining traction above the $6,400 level. There may be a couple of swing moves towards $6,400 or $6,300, but dips remain well supported. Only a close below the $6,000 pivot level and the 100 hourly SMA could start a strong correction.

Technical indicators:

Hourly MACD – The MACD is about to gain momentum in the bullish zone, with bullish signs.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher towards the 75 level.

Major Support Levels – $6,400 followed by $6,250.

Major Resistance Levels – $6,500, $6,600 and $6,800.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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