There were big swings above $6,100 in bitcoin price BTC/USD. The BTC/USD pair dipped sharply below the $6,200 support area and tested the $6,100 support. A low was formed at $6,104 and later the price surged higher. There were two back to back large candles were formed above the $6,400 level. The price rallied towards the $6,580 level and a high was formed at $6,573.
During this play, there was a resistance at $6,320 on the hourly chart of the BTC/USD pair. Later, the price corrected lower below the $6,500 level. It even corrected below the 23.6% Fib retracement level of the last rally from the $6,104 low to $6,573 high. At the moment, the price is trading near the $6,400 support and the 100 hourly simple moving average. Look for support at $6,300.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is slightly placed in the bullish zone.
Hourly Relative Strength Index The RSI is presently well above the 60 level.
Major Support Level – $6,320
Major Resistance Level – $6,500
