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Technical analysis

BTCUSD Analysis: Bitcoin Price Might Surge Towards $6,700 Levels

Amandeep Sonewane | Nov. 6, 2018
BTCUSD Analysis: Bitcoin Price Might Surge Towards $6,700 Levels

November 06, 2018 | AtoZ Markets

While the entire crypto market is trading in a green light, Bitcoin is still hovering in a range bound zone. The price of Bitcoin at the time of press was $6,433, with a market cap of $111.70 billion according to coinmarketcap.com data. The 24-hour trade volume was $2.07 Billion.

Yesterday, the price of the coin was in a sideways trend. The coin has remained above the $6,400 price level in the last three days. On November 3, Bitcoin has previously fallen to the $6,300 level and it commenced a bullish move to the $6,400 level.

Bitcoin Technical Analysis

According to the chart, the BTCUSD pair is fluctuating above the $6,400 level because the buyers and the sellers are unsure about the trend. Meanwhile, the pair is above the 12D EMA and the 26D EMA indicating that price is in the bullish trend zone. Bitcoin price is likely to face resistance at the $6,600 level. The MACD line and the signal line are above the signal line which also indicates a buy signal.

Other than this, the 100 SMA line is above the long term 200 SMA line which indicates that the path of least resistance is towards the upward direction. Thus, the above mentioned parameters indicate that Bitcoin might get buyers at this point.

On the 1D chart, new supports are set up at $6,250. If the prices were to break the support, a stronger support is set up at $5,990 levels. A short-term resistance is placed near $6,515 levels and the subsequent resistance points are set up at $6,643 and $6,777 levels. 

The MACD(12,26) indicator is crossing over the signal line, indicating a bullish move for Bitcoin in the near future. Also, the Stochastic line has crossed over the signal line, demonstrating a bullish turnout for Bitcoin.

On the upside, if the price of Bitcoin manages to cross the $6,515 resistance level than a rally towards another resistances, which was placed at $6,650, $6,770 might be seen in upcoming days. Overall, the technical indicators are indicating "Buy" signals for the BTCUSD pair.

Bitcoin Pivot Points

Bitcoin price is holding a strong weekly support at $6,250 and resistance near $6,515 levels.

Think we missed something? Let us know in the comments section below.

Disclaimer: The views and opinions expressed in this article are solely those of the author and do not reflect the official policy or position of AtoZ Markets.com, nor should they be attributed to AtoZMarkets.