Bitcoin Price Watch: BTC/USD Primed for Losses

Key Factors

  • Bitcoin worth failed to carry an essential assist at $6,550 and declined sharply towards the US Greenback.
  • There was a break under a key bullish development line with assist at $6,580 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is presently consolidating close to the $6,300 stage and it stays at a danger of extra declines.

Bitcoin worth tumbled sharply under $6,550 towards the US Greenback. BTC/USD might right a number of factors, however later it might resume its decline under $6,300 within the close to time period.

Bitcoin Price Evaluation

Bitcoin worth confronted an elevated promoting stress above $6,600 towards the US Greenback. The BTC/USD pair began a draw back transfer and broke a significant assist at $6,550. It opened the doorways for extra losses and the value declined by greater than $250. It looks as if a short-term prime was shaped at $6,800 and the value might speed up declines within the close to time period.

Throughout the decline, there was a break under a key bullish development line with assist at $6,580 on the hourly chart of the BTC/USD pair. The pair is now buying and selling effectively under the $6,500 stage and the 100 hourly easy shifting common. The latest low was shaped at $6,279 and the value is presently consolidating. An preliminary resistance is close to the 23.6% Fib retracement stage of the final decline from the $6,799 excessive to $6,279 low. There may be additionally a bearish development line shaped on the identical chart with resistance close to $6,400. Above this, the subsequent resistance is close to $6,500.

Wanting on the chart, bitcoin is clearly in a bearish zone under $6,550. The said stage is now close to the 50% Fib retracement stage of the final decline from the $6,799 excessive to $6,279 low. Due to this fact, any upsides are prone to face resistance close to $6,500-50. On the draw back, a break under $6,279 might name for a check of $6,200.

Wanting on the technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI is shifting larger in the direction of the 40 stage.

Main Help Degree – $6,280

Main Resistance Degree – $6,500

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