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technical analysis bitcoin

Bitcoin Price Watch: BTC/USD Broke Key Supports, Turns Bearish

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

Key Points

  • Bitcoin price failed to stay above the $6,300 and $6,280 support levels against the US Dollar.
  • Yesterday’s highlighted key contracting triangle was breached with support at $6,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair even traded to a new monthly low below $6,000 and moved into a bearish zone.

Bitcoin price broke key supports near $6,280 against the US Dollar. BTC/USD may correct higher, but broken supports at $6,050 and $6,280 are likely to cap gains.

Bitcoin Price Analysis

Yesterday, we discussed that bitcoin price could gain momentum if it breaks the $6,570 resistance against the US Dollar. The BTC/USD pair failed to break the $6,570 and $6,600 resistance levels, and declined. It dropped sharply and broke many supports like $6,450, $6,300 and $6,280. It even settled below the $6,100 level and the 100 hourly simple moving average.

During the decline, yesterday’s highlighted key contracting triangle was breached with support at $6,350 on the hourly chart of the BTC/USD pair. It cleared the path for more losses and the price declined below the $6,000 support. A new monthly low was formed at $5,894 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $6,547 high to $5,894 low. Above $6,050 and $6,100, the next major resistance is near the $6,200-6,280 zone. Moreover, the 50% Fib retracement level of the last drop from the $6,547 high to $5,894 low is around the $6,220. Therefore, if the price corrects higher, it could face sellers near the $6,200 resistance area.

Bitcoin Price Analysis BTC USD

Looking at the chart, bitcoin is under a lot of pressure below $6,300. Should buyers fail to push the price back above $6,200 and $6,300, there may well be more losses towards the $5,700 and $5,500 levels.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is placed heavily the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently below the 30 level.

Major Support Level – $5,880

Major Resistance Level – $6,220

Tags: Bitcoin Analysisbitcoin priceBitcoin price analysisBitcoin price chartbitcoin technical analysisbtcbtcusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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