Bitcoin Price Analysis

There was a solid response close to the $6,300 support region in bitcoin price against the US Dollar. BTC/USD is picking up the pace gradually and consistently with a close over the $6,380 and $6,420 resistance levels.

The 2-hours graph of BTC price found a great deal of purchasing interest close to the $6,240 and $6,260 levels. The price moved higher and traded over the 23.6% Fibonacci retracement level of the last drop from the $6,881 high to $6,246 low.

There was a close over the $6,420 level and the 100 simple moving average (2-hours). The upside move was to such an extent that the price traded over the $6,500 level.

However, the upside move is confronting a lot of hindrances close to the $6,560 level and the half Fibonacci retracement level of the last drop from the $6,881 high to $6,246 low. Ought to there be a close above the $6,580 level and the $6,600 level, there could be more increases over the $6,650 level.

The following major resistance is close to the 76.4% Fibonacci retracement level of the last drop at $6,731. On the other side, if there is a decrease underneath the $6,480 level, the price could discover support close to the $6,380 level and the 100 SMA.

There is likewise a critical bullish trend line with help at $6,380 level, which is probably going to go about as a solid purchase zone.

By and large, the present price action is sure over the $6,380 level and the 100 SMA. On the upside, a legitimate 2-hour close over the $6,580 level may well give a lift to purchasing sentiment.