Bitcoin Price Watch: BTC/USD Could Rebound Above $6,500

Key PointsBitcoin value discovered assist close to the $5,970-6,000 space and recovered properly towards the US Dollar.There is a significant contracting triangle forming with resistance close to $6,480 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).The pair should break the $6,480 and $6,570 resistance ranges to realize upside momentum within the close to time period.Bitcoin value is displaying optimistic indicators above $6,280 towards the US Dollar. BTC/USD may quickly break the $6,480 and $6,570 resistances to rebound additional.Bitcoin Price AnalysisThis previous week, we noticed heavy declines beneath $6,550 in bitcoin value towards the US Dollar. The BTC/USD pair even broke the $6,000 assist, however patrons appeared and guarded extra declines. A low was shaped at $5,794 and the worth began an upward correction. The value moved above the $6,200 resistance and traded with bullish strikes throughout the previous few hours. It even broke the 23.6% Fib retracement degree of the latest decline from the $7,166 excessive to $5,974 low.However, the upside transfer is dealing with sellers close to the $6,500 degree. The 38.2% Fib retracement degree of the recent decline from the $7,166 excessive to $5,974 low can also be appearing as a hurdle. More importantly, there’s a main contracting triangle forming with resistance close to $6,480 on the hourly chart of the BTC/USD pair. Should the worth break the triangle resistance and $6,500, it may commerce additional increased. The subsequent resistance is the $6,570 degree, which is the 50% Fib retracement degree. Above this, the worth might even commerce above the $6,650 degree within the close to time period. On the opposite hand, if the worth fails to maneuver previous $6,480 and drops beneath $6,280, there could possibly be a bearish response.Bitcoin Price Analysis BTC USDLooking on the chart, the present value motion is optimistic, however bitcoin should keep above $6,280 to maneuver previous $6,480 and $6,570 within the close to time period.Looking on the technical indicators:Hourly MACD – The MACD for BTC/USD is positioned within the bullish zone.Hourly RSI (Relative Strength Index) – The RSI is at present properly above the 50 degree.Major Support Level – $6,280Major Resistance Level – $6,570Original article first appeared in https://www.newsbtc.com/2018/08/13/bitcoin-price-watch-btc-usd-could-rebound-above-6500/

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