Bitcoin Price Watch: BTC/USD Could Break $6,400

Key Factors

  • Bitcoin worth struggled to maneuver above the $6,600 resistance space and declined towards the US Greenback.
  • Yesterday’s highlighted essential bullish pattern line was breached with assist at $6,580 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is at the moment heading in direction of an necessary assist space close to $6,420-00.

Bitcoin worth is going through an elevated promoting stress under $6,600 towards the US Greenback. BTC/USD might decline additional if it fails to maneuver above the $6,560 resistance.

Bitcoin Price Evaluation

Not too long ago, bitcoin worth examined the $6,600 and $6,650 resistance ranges towards the US Greenback. The BTC/USD pair failed to realize momentum above $6,600, which resulted in a draw back transfer. The worth declined and broke a serious assist at $6,500. In the course of the decline, there have been bearish strikes shaped under the $6,600 degree and the 100 hourly easy shifting common.

Extra importantly, yesterday’s highlighted essential bullish pattern line was breached with assist at $6,580 on the hourly chart of the BTC/USD pair. The pair declined and examined the $6,450 degree. It’s at the moment consolidating losses above the $6,420-00 assist space. An preliminary resistance is close to the 23.6% Fib retracement degree of the final decline from the $6,791 excessive to $6,447 low. There may be additionally a bearish pattern line shaped with resistance at $6,560, and it coincides with the 100 hourly SMA. A break above the pattern line might push the value in direction of $6,620. It’s a essential resistance and coincides with the 50% Fib retracement degree of the final decline from the $6,791 excessive to $6,447 low.

Wanting on the chart, the value is struggling to realize momentum above $6,550 and $6,600. Due to this fact, it’s at a danger of extra declines under $6,450. Within the talked about case, the $6,400 assist holds quite a lot of significance and should maintain to keep away from a bearish break.

Wanting on the technical indicators:

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

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

Main Assist Degree – $6,400

Main Resistance Degree – $6,600

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