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

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

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 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

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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.

Read more

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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