#Bitcoin Price Intraday #Analysis: #BTC/ #USD Retests Interim Resistance
The Bitcoin-to-dollar exchange rate on Wednesday traded at 6435-fiat after jumping 1.76 percent from the previous day’s low.
The pair is now reversing its upside action to extend the prevailing sideways bias. Selling pressure got renewed near the interim resistance level at 6450-fiat and BTC/USD gyrated above 6620-fiat as a result. The pair is now looking to the #US Securities and #Exchange Commission’s latest comments on VanEck and SolidX ETF for extended bullish movements. Meanwhile, the US Dollar Index is losing momentum after establishing fresh tops at 96.50-fiat. The overall DXY sentiment, however, remains bullish that could reflect in Bitcoin and other dollar-enabled markets down the road.
BTC/USD Technical Analysis
The latest upside action has broken above the upper trendline of the near-term triangle formation. The strong fundamentals could excuse false breakout theories, bringing 6500-fiat in-sight as an achievable long target. The downside is now capped by three moving average indicators – 50H, 100H, and 200H – which could gyrate BTC/USD back towards the intraday high levels. RSI, the momentum indicator, is showing signs of reversal above 55, hinting traders could be accumulating more bitcoins on ETF fundamentals. A similar action could be seen in the Stochastic Oscillator graph, which is in a neutral area but with its head towards the north. For what it may seem, BTC/USD has established a bullish bias – though, near-term.
We are on the verge of retesting our interim resistance level near 6450-fiat which, per our previous analysis, was our intrarange long target. We did manage to squeeze out a decent profit off our upside position, and our short towards the interim support at 6360-fiat is still open. However, with the fundamental dynami
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