Bitcoin Price Watch: BTC/USD Near Make-or-Break Support Zone

Key Factors

  • Bitcoin worth declined just lately and traded under the $6,470 assist degree in opposition to the US Greenback.
  • There’s a important bullish pattern line in place with assist at $6,440 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The worth is prone to bounce again so long as it’s above $6,440 and $6,375 within the close to time period.

Bitcoin worth corrected decrease under $6,500 in opposition to the US Greenback. BTC/USD is at the moment testing a serious assist at $6,440, which holds the important thing.

Bitcoin Price Evaluation

Yesterday, we noticed a pleasant upward transfer above the $6,500 resistance in bitcoin worth in opposition to the US Greenback. The BTC/USD pair traded as excessive as $6,553 and settled above the 100 hourly easy shifting common. Later, the value began a draw back correction and traded under $6,510 and $6,500. Furthermore, there was a break under the 50% Fib retracement degree of the final wave from the $6,369 low to $6,553 excessive.

Nonetheless, the value is now buying and selling close to a serious assist space at $6,440. Extra importantly, there’s a important bullish pattern line in place with assist at $6,440 on the hourly chart of the BTC/USD pair. Apart from, the 61.eight% Fib retracement degree of the final wave from the $6,369 low to $6,553 excessive can also be close to $6,440. Subsequently, the value is prone to maintain the $6,440 assist and it might resume its upside transfer. An preliminary resistance is close to $6,480, above which the value could effectively break the $6,500 barrier once more. Then again, a break under the $6,440 assist might push the value in the direction of the subsequent assist at $6,375.

Wanting on the chart, bitcoin worth is testing just a few necessary helps close to $6,440 and it’ll probably bounce again. To the topside, a break above $6,500 would possibly put consumers again in management.

Wanting on the technical indicators:

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

Hourly RSI (Relative Power Index) – The RSI is at the moment effectively under the 50 degree.

Main Support Degree – $6,440

Main Resistance Degree – $6,500

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