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Bitcoin Analysis: Will the Price Break Above $6500?

Amandeep Sonewane | Sep. 26, 2018
Bitcoin Analysis: Will the Price Break Above $6500?

BTCUSD pair might face a bearish trend as it is struggling to cross the resistance level in daily time-frame. According to the daily charts, a minor correction towards the support zone might be awaited. Here is the Bitcoin Analysis for the daily time-frame.

26 September - Bitcoin has seen a 0.6% price hike over the past 24 hours of trading with a total volume of $316 Million. The pair is trading in a Day's Range of $6,328- $6,473. Also, the price has seen a dragging downwards slope over the past few days, as the bears take control. Moreover, the investors are hoping for a bullish break soon, even as the pair mostly moves sideways. Recently, Google is tweaking its restriction on cryptocurrency related ads that it set earlier this year, planning to permit limited Crypto-exchanges to buy Google Ads in the US and Japan. Will the price break above $6500 mark?

Bitcoin Analysis for Daily Time-frame

Bitcoin continues to dominate the crypto-market in terms of overall market cap across the entire industry. It has a total market cap of $111 billion and Ripple at the second position after a huge surge in the past few days.On the 1D Chart, Average True range indicator over the period 14 are reflecting a less volatile price movement. The STOCHRSI(14) is showing a recovery from the overbought zone, which is generally considered to be a sell signal. However, price action has surpassed the 200 SMA in April, July and September of 2018 and each cross have failed to produce a bullish run.

In the event that the bearish momentum proceeds inside the market and pushed the BTCUSD activity beneath the $6398 level, traders can expect support below the $6200 level. On the other hand, if the bulls can regather bullish momentum from this level then the traders can expect strong resistance break above the $6500 handle. According to Fibonacci retracement placed in the weekly charts, the price is trading near the 23.6% Fibo retr. zone. In short-term, a bullish rally could be seen from the point above the 38.2% Fibo. Retr. as the trend will become bullish and attract more buyers above that point.

The 100 Simple moving average line recently crossed below the longer-term 200 Simple moving average to signal that the path of least resistance is to the downside. In other words, the BTCUSD might break its first support than to hold and soon test towards $6200- $6100 zone in short-term period.

  • The relative strength index(14) value is below 50 which signals "Neutral."
  • The William%R signals the neutral price action on daily time-frame.
  • The MACD(12,26) – "Sell" signal in weekly charts.
  • Moreover, according to ATR(14), the BTCUSD pair is less volatile.

Bitcoin Daily Pivot Points

The BTCUSD pair has a significant support near $6328 level and resistance near $6563 levels.

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