Home / Crypto Currency / Bitcoin Price Intraday Analysis: BTC/USD Upside Held Near $6500

Bitcoin Price Intraday Analysis: BTC/USD Upside Held Near $6500

cryptocurrency exchange


Bitcoin on Saturday crossed above the $6,500-mark but lacked further upside momentum near the psychological resistance.

The BTC/USD kickstarted the day forming higher lows towards 6475-fiat. The Asian trading session witnessed consolidated action within a narrow range defined by 6520-fiat to the upside and 6477-fiat to the downside. A breakout action appeared only during the early European session when BTC/USD formed higher highs towards 6550-fiat. As the day matured, the pair also gained upside momentum towards 6572-fiat. Since establishing the intraday high, BTC/USD has been correcting towards the 6500-support.

BTC/USD Technical Analysis

Bitcoin value in medium-term is capped by a descending trendline formation, so a sustainable bullish bias cannot be guaranteed. True, the situations are better on smaller timeframes, in which most of the technical indicators are favoring a strong buying sentiment. But the upside is further capped by a recently broken ascending trendline (depicted in blue) that is providing additional bearish pressure to the trend in medium-term.

On 4H timeframe, we have BTC/USD trending amidst its 50H and 200H moving averages, while the 100H MA is far above where the price is at the time of the press. A break above 200H MA could improve bullish sentiment and promise an extended upside towards 6700-fiat. However, a pullback will be imminent as the RSI and Stochastic indicators would attempt corrections from their respective overbought areas.

There is also a purple ascending trendline forming as a support to the near-term uptrend. If it is broken to the downside, the sentiments in near-term will be pushed towards bears, meaning a fall towards 6400-support could be highly possible.

BTC/USD Intraday Analysis

Coming to our intraday analysis, we are initially waiting for BTC/USD to test the ascending trendline for a potential bounce-back/breakdown. If the pair bounces back, we would enter a long towards 6590-fiat, our intraday high. In this position, we would keep a stop loss just 3-pips below to protect our trades from additional losses in the event of a bear retracement action.

In another case, if BTC/USD breaks below the ascending trendline, we would first wait for it to test 6500-fiat as its psychological support. If price bounces back from 6500-fiat, it would have us put another long position but towards 6550-fiat. If price breaks below 6500-fiat, we will look for a run towards 6400-fiat, the ultimate support level of the near-term bullish trend. In all the short positions, we will keep our stop losses 3-pips above the entry point.

Featured image from Shutterstock. Charts from TradingView.

Follow us on Telegram or subscribe to our newsletter here.
Join CCN's crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.
Read more

Check Also

How Coil Could Impact XRP Price After Recent Pump

XRP holders have been incredibly excited as of late due to the cryptocurrency’s overwhelming performance over the past week, leading the crypto markets as it rose from $0.25 all the way up to nearly $0.80 before stabilizing at its current price of $0.45. XRP investors may now have another use-case to be excited about: Coil. Coil To Accept XRP Payments The reasons behind this meteoric rise have been somewhat unclear, but things like the upcoming Swell conference, hosted by Ripple, and the potential release of Ripple’s XRP based settlement system, xRapid, have been floated as reasons behind the price rise. In addition to being used for Ripple’s xRapid product, investors may be excited to hear that the upcoming launch of a new company, called Coil, may provide even more use-cases for the cryptocurrency. Coil is a recently founded company headed by a former Ripple executive, that allows the internet’s largest companies to effectively accept XRP as a form of payment, expanding its use from simply a settlement vehicle to an effective currency. Coil was launched earlier this year by Ripple’s former Chief Technology Officer, Stefan Thomas, with the goal of using micro-payments to fix the issues that currently exist with online advertisement placement. Coil currently has trial partnerships with sites like YouTube, Wikipedia, and Twitch. Thomas spoke about Coil’s mission, saying: “For decades, people have discussed the potential of micropayments to support content creators that would move us away from the broken ad-supported web… Others have created subscription services that bundle content. But micropayments and subscriptions have always been built as closed systems, which fail to capture the huge variety of content on the web.” Coil is a direct competitor with the Brave web browser, which utilizes BAT tokens in order to facilitate micro-payments for internet content. Coil is also similar in concept to ChangeTip, an internet tipping app that was popular on social media before it burned through its funding and closed its operations. Coil Could Affect XRP’s Price Because XRP’s recent price spike can be largely attributed to speculation regarding the xRapid being released during the Swell conference occurring in the coming weeks, it is clear that investors are looking to see just how practical XRP is as a cryptocurrency, with many detractors claiming that there simply aren’t enough use-cases that make it a better alternative to Bitcoin or other competing altcoins. That being said, investors may take note of the use of XRP for Coil’s upcoming launch, which could positively affect XRP’s price. Currently, one of the most popular and widespread methods for tipping influencers and content creators on Twitter and Reddit is through the XRP Tip Bot, which has facilitated over 55,000 XRP tips totaling at 72,684 XRP sent in total. Coil would take the concept of micro-payments using XRP to the next level, and, if successful, could prove that XRP is efficient for transferring both large and small quantities of value. Featured image from Shutterstock The post How Coil Could Impact XRP Price After Recent Pump appeared first on NewsBTC.

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Disclaimer: Trading in bitcoins or other digital currencies carries a high level of risk and can result in the total loss of the invested capital. theonlinetech.org does not provide investment advice, but only reflects its own opinion. Please ensure that if you trade or invest in bitcoins or other digital currencies (for example, investing in cloud mining services) you fully understand the risks involved! Please also note that some external links are affiliate links.