Analysis Technical

Bitcoin Price Watch: BTC/USD Bearish Within Range Below $6,450

Aayush Jindal | October 22, 2018 | 9:28 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC/USD Bearish Within Range Below $6,450

Aayush Jindal | October 22, 2018 | 9:28 am

Key Points

  • Bitcoin price failed to move above the $6,450 and $6,460 resistance levels against the US Dollar.
  • There is a key connecting bullish trend line in place with support at $6,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price must clear the $6,450 and $6,460 resistance levels to move into a positive zone.

Bitcoin price mostly consolidated above $6,400 against the US Dollar. BTC/USD seems to be struggling to clear the $6,450 resistance area.

Bitcoin Price Analysis

There was yet another rejection noted around the $6,450 resistance area in bitcoin price against the US Dollar. The BTC/USD pair traded as high $6,460 and later started a downside correction. The price dipped below the $6,420 and $6,400 supports along with the 100 hourly simple moving average. It traded as low as $6,390 and later recovered a few points. Buyers pushed the price above the $6,410 level and the 100 hourly SMA.

There was also a break above the 23.6% Fib retracement level of the last decline from the $6,460 high to $6,390 low. However, the upside move was capped by the $6,425 level. Besides, the 50% Fib retracement level of the last decline from the $6,460 high to $6,390 low also acted as a hurdle. At the moment, the price is consolidating above $6,400 and the 100 hourly SMA. On the downside, there is a key connecting bullish trend line in place with support at $6,400 on the hourly chart of the BTC/USD pair. If there is a downside break below the trend line and $6.390, the price could test the $6,350 support.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price must break the $6,450 and $6,460 resistance levels to climb further higher. The next major resistance is near the $6,520 level.

Looking at the technical indicators:

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

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

Major Support Level – $6,390

Major Resistance Level – $6,450

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