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technical analysis bitcoin

Bitcoin Price Watch: BTC/USD Near Make-or-Break Support Zone

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

Key Points

  • Bitcoin price declined recently and traded below the $6,470 support level against the US Dollar.
  • There is a significant bullish trend line in place with support at $6,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to bounce back as long as it is above $6,440 and $6,375 in the near term.

Bitcoin price corrected lower below $6,500 against the US Dollar. BTC/USD is currently testing a major support at $6,440, which holds the key.

Bitcoin Price Analysis

Yesterday, we saw a nice upward move above the $6,500 resistance in bitcoin price against the US Dollar. The BTC/USD pair traded as high as $6,553 and settled above the 100 hourly simple moving average. Later, the price started a downside correction and traded below $6,510 and $6,500. Moreover, there was a break below the 50% Fib retracement level of the last wave from the $6,369 low to $6,553 high.

However, the price is now trading near a major support area at $6,440. More importantly, there is a significant bullish trend line in place with support at $6,440 on the hourly chart of the BTC/USD pair. Besides, the 61.8% Fib retracement level of the last wave from the $6,369 low to $6,553 high is also near $6,440. Therefore, the price is likely to hold the $6,440 support and it could resume its upside move. An initial resistance is near $6,480, above which the price may well break the $6,500 barrier again. On the other hand, a break below the $6,440 support could push the price towards the next support at $6,375.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is testing a few important supports near $6,440 and it will most likely bounce back. To the topside, a break above $6,500 might put buyers back in control.

Looking at the technical indicators:

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

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

Major Support Level – $6,440

Major Resistance Level – $6,500

Tags: bitcoinbtc
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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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