Analysis Technical

Bitcoin Price Watch: BTC/USD Targets Fresh Weekly Lows

Aayush Jindal | November 12, 2018 | 9:28 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC/USD Targets Fresh Weekly Lows

Aayush Jindal | November 12, 2018 | 9:28 am

Key Points

  • Bitcoin price declined recently below the $6,300 support before correcting higher against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $6,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is struggling to break the $6,380 resistance and the 100 hourly simple moving average.

Bitcoin price is trading in a bearish zone below $6,400 against the US Dollar. BTC/USD could decline further towards the $6,250 or $6,220 level in the near term.

Bitcoin Price Analysis

After trading as high as $6,553, bitcoin price started a major downside correction against the US Dollar. The BTC/USD pair traded below the $6,440 and $6,400 support levels to move into a bearish zone. The price even settled below the $6,400 support and the 100 hourly simple moving average. Sellers managed to push the price towards the $6,250 support before buyers appeared near $6,260.

A low was formed at $6,275 and later the price corrected higher. It moved above the 23.6% Fib retracement level of the last drop from the $6,553 high to $6,257 low. Moreover, there was a break above a connecting bearish trend line with resistance at $6,360 on the hourly chart of the BTC/USD pair. However, the upside move was capped by the $6,380 level and the 100 hourly SMA. It seems like the price may decline once again if there is a break below $6,340 and $6,320. In the mentioned scenario, the price could even trade below the $6,275 low and form a new weekly low.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price needs to move past $6,380 and $6,400 to recover further. The next resistance is near $6,440 and the 61.8% Fib retracement level of the last drop from the $6,553 high to $6,257 low.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly moving back in the bearish zone.

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

Major Support Level – $6,375

Major Resistance Level – $6,400

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.