Bitcoin Price Watch: BTC/USD Hesitates, But Further Gains Possible

Key PointsBitcoin value corrected greater and moved above the $6,350 resistance in opposition to the US Dollar.There is a key ascending channel forming with help at $6,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).The pair is going through a few vital resistances close to the $6,630 and $6,680 ranges.Bitcoin value is slowly rebounding from $6,200 in opposition to the US Dollar. BTC/USD should clear the $6,680 resistance and the 100 hourly SMA to achieve bullish momentum.Bitcoin Price AnalysisYesterday, we mentioned bitcoin value could rebound farther from the $6,100 help in opposition to the US Dollar. The BTC/USD pair did transfer greater and broke the $6,350 and $6,550 resistance ranges. The transfer was optimistic because the value broke the 38.2% Fib retracement degree of the final drop from the $7,160 swing excessive to $6,100 swing low. However, the upside transfer confronted a powerful resistance close to the $6,630 degree.It looks as if the 50% Fib retracement degree of the final drop from the $7,160 swing excessive to $6,100 swing low acted as a barrier. The value declined a number of factors and is at present buying and selling close to the $6,400-6,450 zone. More importantly, there’s a key ascending channel forming with help at $6,300 on the hourly chart of the BTC/USD pair. The channel help is essential close to the $6,300 degree and is more likely to act as a purchase zone. On the upside, the channel resistance at $6,680 is positioned with the 100 hourly simple moving average. Therefore, an in depth above $6,680 is should for extra positive aspects within the close to time period.Bitcoin Price Analysis BTC USDLooking on the chart, there have been optimistic strikes in bitcoin value above the $6,100 and $6,300 ranges. Going ahead, if patrons achieve energy above $6,680, there could possibly be strong positive aspects in BTC/USD in direction of $7,000.Looking on the technical indicators:Hourly MACD – The MACD for BTC/USD is barely positioned within the bearish zone.Hourly RSI (Relative Strength Index) – The RSI is at present shifting above the 50 degree.Major Support Level – $6,300Major Resistance Level – $6,680Original article first appeared in https://www.newsbtc.com/2018/08/10/bitcoin-price-watch-btc-usd-hesitates-but-further-gains-possible/

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