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Breaking News: XRP Outlook Slashed: Standard Chartered Lowers Forecast From $8 To $2

Bitcoin Price Watch: BTC Holds Bullish Bias Above $6,550

Aayush Jindal
Aayush Jindal
Last Updated: June 11, 2024 1:38 pm
2 mins read
technical analysis bitcoin

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price is consolidating above the $6,590 and $6,550 support levels against the US Dollar.
  • There is a short-term declining channel in place with resistance at $6,720 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair has to surpass the $6,720 and $6,750 levels to move towards $6,850 and $6,900.

Bitcoin price settled above the $6,550 level against the US Dollar. BTC/USD must break the $6,720 resistance for an upward move toward $6,900 in the near term.

Bitcoin Price Analysis

After trading above the $6,800 level, bitcoin price started a downside correction against the US Dollar. The BTC/USD pair traded as high as $6,833 and corrected below the $6,750 level. During the decline, there was a break below the 23.6% Fib retracement level of the last wave from the $6,347 low to $6,833 high. However, there is a decent support visible near the $6,600 and $6,590 zone.

At the moment, the price is testing the $6,620 level and the 100 hourly simple moving average. Below this, the price could test the $6,590 support. It represents the 50% Fib retracement level of the last wave from the $6,347 low to $6,833 high. More importantly, there is a short-term declining channel in place with resistance at $6,720 on the hourly chart of the BTC/USD pair. If there is a downside break below the $6,590 level, the price may test the $6,550 level in the near term. On the upside, the price has to clear the $6,720 and $6,750 resistances to gain momentum. The next hurdle for buyers could be $6,830 and $6,900.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is still placed nicely above the $6,550 support. Below this, the price may extend losses towards the $6,420 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slightly placed in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently well below the 50 level.

Major Support Level – $6,550

Major Resistance Level – $6,720

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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How Our News is Made

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