Bitcoin Price Watch: BTC/USD Bearish Within Range Below $6,450

Key Factors

  • Bitcoin value failed to maneuver above the $6,450 and $6,460 resistance ranges towards the US Greenback.
  • There’s a key connecting bullish development line in place with assist at $6,400 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The worth should clear the $6,450 and $6,460 resistance ranges to maneuver right into a optimistic zone.

Bitcoin value largely consolidated above $6,400 towards the US Greenback. BTC/USD appears to be struggling to clear the $6,450 resistance space.

Bitcoin Price Evaluation

There was one more rejection famous across the $6,450 resistance space in bitcoin value towards the US Greenback. The BTC/USD pair traded as excessive $6,460 and later began a draw back correction. The worth dipped under the $6,420 and $6,400 helps together with the 100 hourly easy shifting common. It traded as little as $6,390 and later recovered a couple of factors. Consumers pushed the worth above the $6,410 degree and the 100 hourly SMA.

There was additionally a break above the 23.6% Fib retracement degree of the final decline from the $6,460 excessive to $6,390 low. Nonetheless, the upside transfer was capped by the $6,425 degree. Moreover, the 50% Fib retracement degree of the final decline from the $6,460 excessive to $6,390 low additionally acted as a hurdle. For the time being, the worth is consolidating above $6,400 and the 100 hourly SMA. On the draw back, there’s a key connecting bullish development line in place with assist at $6,400 on the hourly chart of the BTC/USD pair. If there’s a draw back break under the development line and $6.390, the worth might check the $6,350 assist.

Trying on the chart, bitcoin value should break the $6,450 and $6,460 resistance ranges to climb additional larger. The following main resistance is close to the $6,520 degree.

Trying on the technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI is now under the 50 degree.

Main Assist Stage – $6,390

Main Resistance Stage – $6,450

About Tom Greenly

Check Also

Mining Bitcoin, Energy-Intensive Cryptocurrencies Could Worsen Climate Change, Report Says

A latest report by the United Nations mentioned we’ve about 12 years to include the …

Kucoin Exchange Raises $20 Million in Series A Funding Round

Exchanges Singapore-based cryptocurrency alternate Kucoin has introduced it has raised a mixed complete of $20 …