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Breaking News: Celsius Founder Alex Mashinsky Receives 12-Year Prison Sentence

Bitcoin Price Watch: BTC/USD Could Tumble Below $6,250

Aayush Jindal
Aayush Jindal
6 years 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 extended losses and traded to a new weekly low at $6,261 against the US Dollar.
  • There is a major bearish trend line in place with resistance at $6,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is at a risk of more declines below the $6,275 and $6,260 support levels in the near term.

Bitcoin price is currently in a downtrend below $6,350 against the US Dollar. BTC/USD could tumble once there is a break and close below the $6,250 support.

Bitcoin Price Analysis

Yesterday, we discussed that bitcoin price may trade to a new weekly low below $6,275 against the US Dollar. The BTC/USD pair did trade lower and broke the $6,275 support. A new weekly low was formed at $6,261 and later the price recovered a few points. The price is back above the $6,275 level, but it is well below the 100 hourly simple moving average. Buyers pushed the price above the 23.6% Fib retracement level of the recent decline from the $6,377 high to $6,261 low.

However, there are many resistances on the way up around the $6,320 and $6,350 levels. More importantly, there is a major bearish trend line in place with resistance at $6,350 on the hourly chart of the BTC/USD pair. The same trend line is near the 100 hourly SMA at $6,345. An intermediate resistance is $6,322 and the 61.8% Fib retracement level of the recent decline from the $6,377 high to $6,261 low. Therefore, if the price corrects higher, it may find a strong resistance between $6,320-6,350.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is trading just above the $6,260 and $6,275 support levels. If sellers gain momentum, there could be a sharp decline below the $6,250 level in the near term.

Looking at the technical indicators:

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

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

Major Support Level – $6,260

Major Resistance Level – $6,350

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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.

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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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Created by industry experts and meticulously reviewed
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