Bitcoin Price Watch: BTC/USD’s Support Turned Resistance

Key Factors

  • Bitcoin value did not commerce increased in direction of $6,800 and declined just lately in opposition to the US Greenback.
  • Yesterday’s highlighted key bullish development line was breached with help at $6,560 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair declined beneath the $6,500 help and examined the $6,440 help stage.

Bitcoin value trimmed most of its positive factors in opposition to the US Greenback. BTC/USD may get well, however the damaged help at $6,560 would possibly act as a resistance.

Bitcoin Price Evaluation

Yesterday, we mentioned that bitcoin value may climb increased in direction of the $6,800 stage in opposition to the US Greenback. Nevertheless, the BTC/USD pair failed to interrupt the $6,640 and $6,700 resistance ranges. It resulted in a draw back transfer beneath the $6,550 help and the 100 hourly easy shifting common. The worth moved right into a bearish zone because it cleared the necessary $6,500 help as properly.

Throughout the decline, yesterday’s highlighted key bullish development line was breached with help at $6,560 on the hourly chart of the BTC/USD pair The pair even broke the final swing low at $6,490. Lastly, it examined the 1.236 Fib extension stage of the final wave from the $6,491 low to $6,687 excessive. The worth shaped an intraday low at $6,441 and it’s presently correcting increased. An preliminary resistance is close to the 23.6% Fib retracement stage of the final decline from the $6,687 excessive to $6,441 low. If patrons push the value above the $6,500 stage, the subsequent cease might be the $6,560 stage. The acknowledged $6,560 stage together with the 100 hourly SMA are prone to act as hurdles for patrons.

Trying on the chart, bitcoin value broke a number of key helps and examined $6,440. It might bounce again, however the earlier helps close to $6,550-6,560 are prone to forestall an upside break.

Trying on the technical indicators:

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

Hourly RSI (Relative Energy Index) – The RSI is presently properly beneath the 40 stage.

Main Support Stage – $6,440

Main Resistance Stage – $6,560

About Tom Greenly

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