Analysis Technical

Bitcoin Price Watch: BTC/USD Closing In Towards Next Move

Aayush Jindal | October 29, 2018 | 9:28 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC/USD Closing In Towards Next Move

Aayush Jindal | October 29, 2018 | 9:28 am

Key Points

  • Bitcoin price is trading above the $6,385 and $6,355 support levels against the US Dollar.
  • There is a crucial contracting triangle formed with resistance at $6,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could slide towards the $6,355 support if there is a break below $6,400 and $6,385.

Bitcoin price is struggling to move above $6,420 against the US Dollar. BTC/USD could react to the downside and it might even rested the $6,355 support.

Bitcoin Price Analysis

During the past three sessions, there were mostly range moves above the $6,385 support in bitcoin price against the US Dollar. The BTC/USD pair formed a decent support near the $6,385 level, but it struggled to gain traction above the $6,420 and $6,430 levels. The last swing low was formed at $6,386 before the price moved higher. It spiked above the 50% Fib retracement level of the last decline from the $6,449 high to $6,386 low.

However, there was no close above the $6,425 level. The price was also rejected near the 61.8% Fib retracement level of the last decline from the $6,449 high to $6,386 low. At the moment, the price is trading near the $6,400 level and below the 100 hourly simple moving average. More importantly, there is a crucial contracting triangle formed with resistance at $6,420 on the hourly chart of the BTC/USD pair. Therefore, the pair is likely to make the next move either above $6,420 or below $6,385. If there is an upside break, the price may revisit the $6,450 level.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is under pressure below $6,420 and the 100 hourly SMA. If there is a downside break, the price is likely to extend losses towards the $6,355 support.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to move into the bearish zone.

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

Major Support Level – $6,385

Major Resistance Level – $6,420

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.