Bitcoin Price Watch: BTC/USD Sellers Not Out of Woods Yet

Key Factors

  • Bitcoin value broke the $6,520 and $6,500 helps, and dropped considerably in opposition to the US Greenback.
  • There was a break beneath a short-term bearish flag with help at $6,520 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair declined beneath the $6,400 and $6,240 help ranges to check $6,100.

Bitcoin value dropped closely in the direction of $6,100 in opposition to the US Greenback. BTC/USD might right increased, however consumers are prone to wrestle close to $6,280 and $6,320.

Bitcoin Price Evaluation

Yesterday, we mentioned that the earlier helps close to $6,550-6,560 are prone to forestall an upsides in bitcoin value in opposition to the US Greenback. The BTC/USD pair failed to realize above $6,550 and began a recent draw back transfer. It broke the $6,520 help to enter right into a bearish zone. Sellers took management, leading to a pointy decline within the value beneath the $6,400 and $6,240 help ranges. The worth settled beneath $6,400 and the 100 hourly easy transferring common.

To begin the decline, there was a break beneath a short-term bearish flag with help at $6,520 on the hourly chart of the BTC/USD pair. The pair even cleared the $6,240 help and examined the subsequent necessary help at $6,100. A brand new weekly low was fashioned at $6,092 earlier than the worth began an upside correction. It moved above the 23.6% Fib retracement stage of the current decline from the $6,552 excessive to $6,092 low. Nonetheless, the upside transfer appears to be capped round $6,240 and $6,280. The 50% Fib retracement stage of the current decline from the $6,552 excessive to $6,092 low can also be close to $6,322.

Wanting on the chart, bitcoin value stays in a bearish zone beneath $6,400. So long as the worth is beneath $6,320 and $6,400, there might be extra losses beneath the $6,100 help within the close to time period.

Wanting on the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly lowering its bearish slope.

Hourly RSI (Relative Energy Index) – The RSI is at present recovering from the oversold ranges.

Main Help Stage – $6,100

Main Resistance Stage – $6,320

About Tom Greenly

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