Analysis Technical

Bitcoin Price Watch: BTC/USD Turned Short-term Bearish

Aayush Jindal | June 5, 2018 | 8:48 am
Bitcoin Price Weekly Analysis BTC USD
Analysis

Bitcoin Price Watch: BTC/USD Turned Short-term Bearish

Aayush Jindal | June 5, 2018 | 8:48 am

Key Points

  • Bitcoin price extended its downside correction and declined below $7,400 against the US Dollar.
  • There was a break below a major ascending channel with support at $7,520 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is now trading well below the $7,550 pivot level and the 100 hourly simple moving average.

Bitcoin price has moved into a short-term bearish zone below $7,550 against the US Dollar. BTC/USD could correct higher, but upsides are likely to be capped.

Bitcoin Price Analysis

After trading above the $7,700 level, bitcoin price faced selling pressure against the US Dollar. The BTC/USD pair topped at $7,779 and started a downside move. The price declined and moved below the $7,600 and $7,500 support levels. The most important move was a close below the $7,550 pivot level and the 100 hourly simple moving average.

Moreover, there was a break below a major ascending channel with support at $7,520 on the hourly chart of the BTC/USD pair. The pair even moved below the $7,400 level a formed a new intraday low at $7,369. At the moment, the price is consolidating losses around $7,400. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $7,779 high to $7,369 low. Any further gains could push the price towards the $7,550 pivot level, which is a major barrier. Additionally, the 50% Fib retracement level of the last decline from the $7,779 high to $7,369 low is at $7,574.

Bitcoin Price Analysis BTC USD

Looking at the chart, the price likely moved into a short-term bearish zone below $7,550. To initiate a fresh bullish wave the price has to move past $7,550 and settle above the 100 hourly SMA. On the downside, supports are seen at $7,350 and $7,250.

Looking at the technical indicators:              

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

Hourly RSI (Relative Strength Index) – The RSI is recovering from the oversold levels.

Major Support Level – $7,250

Major Resistance Level – $7,550

Tags: , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the best UK casinos
and enjoy the fun!

Read More  ›

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.