Bitcoin Price Watch: BTC/USD Testing Crucial Support

Key Factors

  • Bitcoin value began a draw back correction after buying and selling as excessive as $6,849 towards the US Greenback.
  • There’s a main bullish development line shaped with assist close to $6,560 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair ought to keep above the $6,550 assist and the 100 hourly easy transferring common to stay in an uptrend.

Bitcoin value declined after it failed to interrupt the $6,850 stage towards the US Greenback. BTC/USD is at the moment buying and selling close to a significant assist space at $6,560/50.

Bitcoin Price Evaluation

Yesterday, we noticed a pleasant upward transfer above the $6,700 resistance in bitcoin value towards the US Greenback. The BTC/USD pair even traded above the $7,800 resistance and settled above the 100 hourly easy transferring common. Nonetheless, the worth failed to interrupt the $7,850 stage, leading to a bearish response. The worth began a draw back correction and declined under the $6,700 assist space.

There was a break under the 50% Fib retracement stage of the final wave from the $6,359 low to $6,849 excessive. Later, BTC patrons appeared above the $6,600 stage and guarded extra losses. Extra importantly, a significant bullish development line with assist close to $6,560 on the hourly chart of the BTC/USD pair stopped declines. Lastly, the 61.eight% Fib retracement stage of the final wave from the $6,359 low to $6,849 excessive additionally acted as a assist together with the 100 hourly SMA. Subsequently, the $6,660/50 assist zone holds quite a bit if significance to the subsequent transfer within the close to time period.

Wanting on the chart, if the worth succeeds in staying above the $6,650 assist, it may bounce again. On the upside, resistances are seen close to the $6,700 and $6,800 ranges, adopted by the $6,850 swing excessive.

Wanting on the technical indicators:

Hourly MACD – The MACD for BTC/USD has moved again within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI is now effectively under the 50 stage with only a few optimistic indicators.

Main Support Degree – $6,650

Main Resistance Degree – $6,800

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