Analysis Technical

Bitcoin Price Watch: BTC/USD Buyers Losing Control Below $6,400

Aayush Jindal | September 18, 2018 | 8:48 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC/USD Buyers Losing Control Below $6,400

Aayush Jindal | September 18, 2018 | 8:48 am

Key Points

  • Bitcoin price declined recently and broke the $6,450 and $6,400 support levels against the US Dollar.
  • There was a break below a major bullish trend line with support at $6,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair may perhaps continue to move down towards the $6,120 support area in the near term.

Bitcoin price decline extended below the $6,400 support against the US Dollar. BTC/USD may correct higher, but it could face sellers near $6,340 and $6,380.

Bitcoin Price Analysis

Recently, there was a downside reaction from the $6,630 swing high in bitcoin price against the US Dollar. The BTC/USD pair started a fresh decline and moved below the $6,420 and $6,400 supports. It opened the doors for more losses and the price fell below $6,300. There was even a close below the $6,400 support and the 100 hourly simple moving average.

Moreover, there was a break below a major bullish trend line with support at $6,440 on the hourly chart of the BTC/USD pair. The pair traded as low as $6,209 and later started consolidating losses. On the upside, an initial resistance is near the 23.6% Fib retracement level of the recent decline from the $6,533 high to $6,209 low. Above this, there is a connecting bearish trend line in place with resistance at $6,320. Finally, the 50% Fib retracement level of the recent decline from the $6,533 high to $6,209 low is at $6,368. Therefore, if the price corrects higher, it could find resistance near the $6,360-80 zone.

Bitcoin Price Analysis BTC USD

Looking at the chart, bitcoin is back in a negative zone below the $6,380 level. On the downside, a break below the $6,200 support zone could open the doors for more losses towards $6,120 and $6,080.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is presently well below the 40 level.

Major Support Level – $6,200

Major Resistance Level – $6,380

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 top online casinos
in UK 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.