Analysis Technical

Bitcoin Price Watch: BTC/USD Tumbles, Sell On Rallies Near $6,770

Aayush Jindal | August 8, 2018 | 8:48 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC/USD Tumbles, Sell On Rallies Near $6,770

Aayush Jindal | August 8, 2018 | 8:48 am

Key Points

  • Bitcoin price declined sharply and broke an important support near $6,830 against the US Dollar.
  • A crucial bearish trend line with current resistance at $7,000 acted as a hurdle on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair declined below the $6,500 level and recoveries are likely to face sellers near $6,770.

Bitcoin price turned bearish below $6,830 against the US Dollar. BTC/USD could correct higher, but it is likely to face heavy selling interest near $6,700 and $6,770.

Bitcoin Price Analysis

Yesterday, we discussed that there could be a recovery above $7,050 in bitcoin price against the US Dollar. The BTC/USD pair did move above $7,050, but as discussed upsides were capped. The price failed to break the $7,070 and $7,150 resistance levels. More importantly, there was a rejection pattern formed near the $7,150 level and the 100 hourly simple moving average.

Lastly, a crucial bearish trend line with current resistance at $7,000 acted as a hurdle on the hourly chart of the BTC/USD pair. As a result, there was a sharp downside move and the price broke the $6,880 and $6,830 support levels. It moved into a bearish zone and even broke the $6,600 and $6,500 support levels. A low was formed near $6,393 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $7,157 high to $6,393 low. However, the most important resistance is near $6,700 and $6,770. It represents the 50% Fib retracement level of the last drop from the $7,157 high to $6,393 low.

Bitcoin Price Analysis BTC

Looking at the chart, BTC price is clearly in a bearish zone below $6,830. Any recoveries from the current levels are likely to face sellers near $6,700 and $6,770.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI is positioned in the oversold zone.

Major Support Level – $6,200

Major Resistance Level – $6,770

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.