Bitcoin Price Watch: BTC/USD’s Upsides Capped By $6,580

Key Factors

  • Bitcoin worth declined additional, broke the $6,400 help, and traded as little as $6,318 in opposition to the US Greenback.
  • There are two bearish development traces in place with resistance at $6,520 and $6,580 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is more likely to face a robust resistance close to the $6,580 stage if there may be an upside correction.

Bitcoin worth prolonged declines in the direction of the $6,275 stage in opposition to the US Greenback. BTC/USD might maybe appropriate larger, however it gained’t be simple for a push above $6,580.

Bitcoin Price Evaluation

There was a pointy draw back response under the $6,600 pivot stage in bitcoin worth in opposition to the US Greenback. The BTC/USD pair declined additional under the $6,450 and $6,400 ranges to maneuver right into a bearish zone. The latest low was fashioned at $6,318 earlier than the worth began consolidating losses. It examined the 23.6% Fib retracement stage of the final decline from the $6,660 excessive to $6,318 low.

Nevertheless, positive factors had been restricted by the $6,450 stage. Furthermore, the 50% Fib retracement stage of the final decline from the $6,660 excessive to $6,318 low can also be close to the $6,489 stage to behave as a resistance. Extra importantly, there are two bearish development traces in place with resistance at $6,520 and $6,580 on the hourly chart of the BTC/USD pair. Due to this fact, if the worth continues to maneuver larger, it’s more likely to face sellers close to the $6,450 and $6,480 ranges. Above the development traces and the $6,500 barrier, the worth may check the $6,620 pivot stage. On the draw back, the $6,400 stage is an preliminary help.

Wanting on the chart, bitcoin worth is slowly recovering from the $6,318 low. Nevertheless, upsides are more likely to face a whole lot of sellers close to the $6,450 and $6,480 ranges within the close to time period.

Wanting on the technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI is at present above the 50 stage.

Main Help Degree – $6,350

Main Resistance Degree – $6,480

About Tom Greenly

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