Bitcoin Price Watch: BTC/USD Trend Overwhelmingly Bearish

Key Factors

  • Bitcoin worth declined additional and broke a key help at USD 6,300 in opposition to the US Greenback.
  • There was a break beneath a contracting triangle with help at $6,310 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is at the moment underneath strain and it stays at a threat of extra losses beneath $6,200.

Bitcoin worth dropped considerably beneath $6,300 in opposition to the US Greenback. BTC/USD is accelerating losses in direction of the following helps at $6,100 and $6,050.

Bitcoin Price Evaluation

Bitcoin worth began a short-term correction after buying and selling towards the $6,280 stage in opposition to the US Greenback. The BTC/USD pair moved just a few factors increased and traded above the $6,300 and $6,350 ranges. Nonetheless, the upside transfer was capped by the 23.6% Fib retracement stage of the final drop from the $6,720 excessive to $6,280 low. The worth failed to maneuver previous the $6,400 and declined sharply.

The latest decline was such that the value broke the $6,280 low. Extra importantly, there was a break beneath a contracting triangle with help at $6,310 on the hourly chart of the BTC/USD pair. It opened the doorways for extra declines and the value cleared the $6,200 help. It’s now buying and selling properly beneath the $6,500 pivot stage and the 100 hourly easy transferring common. A low was fashioned at $6,145 and the value is at the moment consolidating. An preliminary resistance is close to the $6,280 stage, which was a help earlier. Furthermore, the 50% Fib retracement stage of the final slide from the $6,399 excessive to $6,145 low can also be close to $6,290 to behave as a resistance.

Trying on the chart, bitcoin worth is underneath a variety of strain beneath $6,300. If it continues to maneuver down, a break beneath $6,180 may push the value in direction of $6,100 and $6,050.

Trying on the technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI is transferring decrease in direction of the 20 stage.

Main Help Degree – $6,100

Main Resistance Degree – $6,300

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