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

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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 Price Intraday Analysis: BTC/USD Upside Held Near $6500 1

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

Bitcoin Price Intraday Analysis: BTC/USD Upside Held Near $6500 2

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.

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bitcoin
Bitcoin (BTC) $ 61,493.00
ethereum
Ethereum (ETH) $ 4,143.50
binance-coin
Binance Coin (BNB) $ 486.63
tether
Tether (USDT) $ 1.01
cardano
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solana
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xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 43.95
dogecoin
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usd-coin
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USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 61,493.00
ethereumEthereum (ETH)
$ 4,143.50
tetherTether (USDT)
$ 1.01
bitcoin-cashBitcoin Cash (BCH)
$ 629.93
litecoinLitecoin (LTC)
$ 198.76
bitcoinBitcoin (BTC)
52.808,65
ethereumEthereum (ETH)
3.558,33
tetherTether (USDT)
0,867363
bitcoin-cashBitcoin Cash (BCH)
540,97
litecoinLitecoin (LTC)
170,69
bitcoinBitcoin (BTC)
44,623.93
ethereumEthereum (ETH)
3,006.83
tetherTether (USDT)
0.732932
bitcoin-cashBitcoin Cash (BCH)
457.12
litecoinLitecoin (LTC)
144.24

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin61,492 0.34 % 0.34 % 0.53 %
Ethereum4,147.2 0.39 % 2.66 % 7.59 %
Binance Coin486.51 0.37 % 0.77 % 4.00 %
Tether0.9986 0.03 % 0.08 % 0.23 %
Cardano2.160 0.00 % 0.03 % 1.20 %
Solana196.13 0.08 % 2.93 % 23.92 %
XRP1.090 0.13 % 0.12 % 3.97 %
Polkadot30.87 2.19 % 17.29 % 10.73 %
Dogecoin0.2519 0.49 % 2.08 % 5.60 %
USD Coin1.000 0.14 % 0.20 % 0.17 %

bitcoin
Bitcoin (BTC) $ 61,493.00
ethereum
Ethereum (ETH) $ 4,143.50
binance-coin
Binance Coin (BNB) $ 486.63
tether
Tether (USDT) $ 1.01
cardano
Cardano (ADA) $ 2.17
solana
Solana (SOL) $ 196.89
xrp
XRP (XRP) $ 1.10
polkadot
Polkadot (DOT) $ 43.95
dogecoin
Dogecoin (DOGE) $ 0.251765
usd-coin
USD Coin (USDC) $ 1.01