Bitcoin Price Watch: BTC/USD’s Next Leg Lower Likely

Key Factors

  • Bitcoin worth is at the moment consolidating losses above the $6,240 assist towards the US Greenback.
  • There’s a main bearish flag forming with resistance at $6,310 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The value stays at a danger of extra losses beneath the $6,240 and $6,200 assist ranges.

Bitcoin worth is underneath strain beneath $6,300 towards the US Greenback. BTC/USD is probably going getting ready for the subsequent draw back break beneath $6,202.

Bitcoin Price Evaluation

Yesterday, we noticed a significant draw back transfer beneath the $6,350 assist in bitcoin worth towards the US Greenback. The BTC/USD pair declined closely and broke the $6,240 assist and the 100 hourly easy transferring common. It traded as little as $6,202 and later began a brief time period correction. The value moved above the 23.6% Fib retracement degree of the current drop from the $6,433 excessive to $6,202 low.

Nonetheless, the worth struggled to maneuver above the $6,300 resistance. Extra importantly, there was no take a look at of the 50% Fib retracement degree of the current drop from the $6,433 excessive to $6,202 low. In the mean time, there’s a main bearish flag forming with resistance at $6,310 on the hourly chart of the BTC/USD pair. If the pair fails to remain above the flag assist at $6,255, there might be a recent decline in direction of the $6,202 low. If sellers stay in motion, the worth might even break the $6,202 low and commerce in direction of the $6,150 degree. On the flip aspect, a correct break above the flag resistance may push the worth in direction of the $6,350 resistance and the 100 hourly SMA.

Trying on the chart, bitcoin worth might proceed to wrestle to get better above the $6,300 and $6,350 ranges. Due to this fact, there’s a danger of extra losses beneath the $6,240 degree.

Trying on the technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI remains to be beneath the 50 degree.

Main Assist Stage – $6,240

Main Resistance Stage – $6,300

About Tom Greenly

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