Bitcoin price rallied recently above the $6,290 and $6,520 resistance levels. BTC/USD is consolidating gains above $6,385 and it could resume its upward move.
In the past three sessions, there was positive price action above $6,220 in the bitcoin price. BTC/USD gained bullish momentum and surpassed a few key hurdles near the $6,290 and $6,440 resistance levels.
Looking at the 1-hour chart, the price even broke the $6,520 resistance area and the 25 simple moving average (1-hour, orange). The bulls were able to lead the price above the 50% Fib retracement level of the key drop from the $6,863 swing high to the $5,880 swing low.
The market data is provided by TradingView, Bitfinex.
Finally, the price traded above the $6,600 area. However, it failed to continue higher above $6,630. It seems like the bears defended the 76.4% Fib retracement level of the key drop from the $6,863 swing high to the $5,880 swing low.
A high is formed near $6,630 and the bitcoin price is currently trading inside a short-term contracting triangle with resistance near $6,460 on the same chart.
On the upside, a clear break above the $6,460 and $6,520 resistance levels may perhaps start a fresh rise. In that case, the price could rally towards the $6,640 and $6,750 levels. The next major resistance is near the $6,840 level.
On the downside, initial support is near the $6,385 level and the 25 simple moving average (1-hour, orange). The main support for bitcoin is near $6,290, below which the bulls are likely to struggle in the short-term.
A successful break below the $6,290 support is likely to negate the current bullish structure and BTC might decline towards the $6,000 handle.