Bitcoin Price Watch: What Does BTC/USD’s Failure Near $6,600 Indicate?

Key Factors

  • Bitcoin value jumped above the $6,400 and $6,550 resistance ranges, however failed to carry features in opposition to the US Greenback.
  • There’s a main bullish pattern line in place with assist at $6,240 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair clearly made a failed try to interrupt the $6,550 and $6,600 resistance ranges, and declined.

Bitcoin value gained momentum above $6,400, nevertheless it was unsuccessful close to $6,650 in opposition to the US Greenback. BTC/USD trimmed all yesterday’s features and settled beneath $6,400.

Bitcoin Price Evaluation

Yesterday, we mentioned constructive strikes above $6,350 in bitcoin value in opposition to the US Greenback. The BTC/USD pair did commerce greater, broke the $6,400 and $6,550 resistance ranges, nevertheless it didn’t retain features. There was a failure close to the final swing excessive at $6,640-50. The worth was rejected and it looks as if it was an unsuccessful try to interrupt the $6,550 resistance. A recent bearish wave initiated and the worth declined beneath the 23.6% Fib retracement stage of the final wave from the $5,884 low to $6,652 excessive.

The worth additionally moved beneath the $6,400 assist stage and even examined the $6,200 assist. Nonetheless, the 100 hourly easy transferring common acted as a assist close to $6,200. Additionally, the 50% Fib retracement stage of the final wave from the $5,884 low to $6,652 excessive is appearing as a assist. Extra importantly, there’s a main bullish pattern line in place with assist at $6,240 on the hourly chart of the BTC/USD pair. Ought to there be a break and shut beneath the pattern line assist, the worth might drop additional in direction of the $6,100 and $6,000 ranges.

Wanting on the chart, bitcoin didn’t retain features above $6,550. Nonetheless, if it continues to carry the pattern line and $6,200, it might make one other try to commerce greater.

Wanting on the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to maneuver into the bullish zone.

Hourly RSI (Relative Power Index) – The RSI is presently flat close to the 50 stage.

Main Help Degree – $6,200

Main Resistance Degree – $6,550

About Tom Greenly

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