Bitcoin Price Watch: Can BTC/USD Hold $6,400?

Key Factors

  • Bitcoin value began a draw back correction after buying and selling as excessive as $6,680 in opposition to the US Greenback.
  • There’s a new contracting triangle forming with assist close to $6,410 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair should keep above the $6,400-10 assist space to keep away from additional downsides within the close to time period.

Bitcoin value is at present correcting decrease in opposition to the US Greenback. BTC/USD ought to keep above the $6,400 assist to renew its upward transfer in the direction of $6,800.

Bitcoin Price Evaluation

Yesterday, bitcoin value traded in the direction of the $6,700 degree in opposition to the US Greenback. The BTC/USD pair traded as excessive as $6,680 earlier than sellers took a stand. In consequence, a draw back correction was initiated and the worth declined under the $6,600 degree. Throughout the decline, the worth broke the $6,550 and $6,500 assist ranges. Furthermore, it cleared the 50% Fib retracement degree of the final wave from the $6,260 swing low to $6,680 excessive.

Nevertheless, the draw back transfer was protected by the $6,400 assist, which was a resistance earlier. Extra importantly, the 100 hourly easy shifting (at present at $6,440) additionally acted as a assist. The worth examined the 61.eight% Fib retracement degree of the final wave from the $6,260 swing low to $6,680 excessive. In the intervening time, the worth is consolidating losses above the $6,400 assist. It looks as if there’s a new contracting triangle forming with assist close to $6,410 on the hourly chart of the BTC/USD pair. A bearish break under the $6,400 assist and the 100 hourly SMA may very well be a bearish signal within the brief time period.

Trying on the chart, the worth is prone to maintain the $6,400 assist. Nevertheless, it has to interrupt the triangle resistance at $6,600 to achieve traction. If bitcoin patrons fail to achieve momentum, there’s a danger of a break under $6,400.

Trying on the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly shifting within the bearish zone.

Hourly RSI (Relative Energy Index) – The RSI is now effectively under the 40 degree.

Main Assist Degree – $6,400

Main Resistance Degree – $6,600

About Tom Greenly

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