Analysis Technical

Bitcoin Price Watch: BTC Broke Key Support, Could Test $6,275

Aayush Jindal | September 25, 2018 | 8:30 am
Analysis

Bitcoin Price Watch: BTC Broke Key Support, Could Test $6,275

Aayush Jindal | September 25, 2018 | 8:30 am

Key Points

  • Bitcoin price failed to hold the key support at $6,590 and declined below $6,500 against the US Dollar.
  • There was a break below a bearish pattern with support at $6,550 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is under pressure and it seems like it could continue to move down towards the $6,380 and $6,275 levels.

Bitcoin price failed to hold the $6,600 and $6,590 supports against the US Dollar. BTC/USD is likely to extend declines towards the next support at $6,275.

Bitcoin Price Analysis

Yesterday, we discussed a short-term correction below the $6,700 level in bitcoin price against the US Dollar. The BTC/USD pair started a downside move and traded below the $6,620 and $6,600 support levels. Besides, the price traded below the key support at $6,590. More importantly, there was a break below a bearish pattern with support at $6,550 on the hourly chart of the BTC/USD pair.

There was also a break below the 50% Fib retracement level of the last wave from the $6,102 low to $6,833 high. The current bias is bearish below the $6,520 level. If the price continues to move down, it could test the $6,381 and $6,275 levels. The later one is the 76.4% Fib retracement level of the last wave from the $6,102 low to $6,833 high. On the upside, the previous support levels near $6,560 and $6,590 are likely to act as hurdle for buyers in the near term. Additionally, the $6,660 level is also a major resistance along with the 100 hourly simple moving average.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price moved into a bearish zone below the $6,580 level. If sellers remain in action, the price could extend declines towards $6,275.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is gaining strength in the bearish zone.

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

Major Support Level – $6,275

Major Resistance Level – $6,590

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.