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

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Key Points

  • Bitcoin price declined recently and traded below the $6,470 support level against the US Dollar.
  • There is a significant bullish trend line in place with support at $6,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to bounce back as long as it is above $6,440 and $6,375 in the near term.

Bitcoin price corrected lower below $6,500 against the US Dollar. BTC/USD is currently testing a major support at $6,440, which holds the key.

Bitcoin Price Analysis

Yesterday, we saw a nice upward move above the $6,500 resistance in bitcoin price against the US Dollar. The BTC/USD pair traded as high as $6,553 and settled above the 100 hourly simple moving average. Later, the price started a downside correction and traded below $6,510 and $6,500. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $6,369 low to $6,553 high.

However, the price is now trading near a major support area at $6,440. More importantly, there is a significant bullish trend line in place with support at $6,440 on the hourly chart of the BTC/USD pair. Besides, the 61.8% Fib retracement level of the last wave from the $6,369 low to $6,553 high is also near $6,440. Therefore, the price is likely to hold the $6,440 support and it could resume its upside move. An initial resistance is near $6,480, above which the price may well break the $6,500 barrier again. On the other hand, a break below the $6,440 support could push the price towards the next support at $6,375.

Looking at the chart, bitcoin price is testing a few important supports near $6,440 and it will most likely bounce back. To the topside, a break above $6,500 might put buyers back in control.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is placed heavily in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently well below the 50 level.

Major Support Level – $6,440

Major Resistance Level – $6,500


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Disclaimer: This press release is for informational purposes only, the information does not constitute investment advice or an offer to invest. The opinions expressed in this article are those of the author and do not necessarily represent the views of CriptomonedaseICO , and should not be attributed to, CriptomonedaseICO .


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This post is also available in: ruРусский (Russian)

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