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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price Watch: BTC/USD is Following Bearish Bias Below $6,540

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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Created by industry experts and meticulously reviewed
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Key Points

  • Bitcoin price recovered recently, but it failed to break the $6,540-50 resistance zone against the US Dollar.
  • There is a crucial hurdle formed near $6,540 and two bearish trend lines on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair needs to break the $6,540 resistance and the 100 hourly SMA to gain momentum.

Bitcoin price is trading below key resistances against the US Dollar. BTC/USD could retest the $6,400 and $6,350 supports before an upside move.

Bitcoin Price Analysis

There was a solid rise above the $6,400 level in bitcoin price against the US Dollar. The BTC/USD pair recovered above the $6,490 and $6,500 resistance levels. There was also a break above the 50% Fib retracement level of the downside move from the $6,660 swing high to $6,315 swing low. However, the upside move faced a strong resistance near the $6,540-50 region.

More importantly, the 61.8% Fib retracement level of the downside move from the $6,660 swing high to $6,315 swing low prevented gains. It seems like there is an important resistance formed near $6,540 and two bearish trend lines on the hourly chart of the BTC/USD pair. Additionally, the 100 hourly simple moving average is also positioned near $6,540 to act as a barrier for buyers. If bitcoin buyers succeed in surpassing the $6,540, $6,550 and the 100 hourly SMA, there could be more gains. The next resistance is at $6,660, followed by the $6,750 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly following a bearish bias below $6,540. On the downside, an initial support is at $6,400. If there is a break below the $6,400 support, the price may decline towards the $6,350 support. The next key support is near the recent swing low at $6,315.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI moved below the 50 level.

Major Support Level – $6,350

Major Resistance Level – $6,540

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

Read more

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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