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technical analysis bitcoin

Bitcoin Price Watch: BTC/USD Remains At Risk Below $6,500

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

Key Points

  • Bitcoin price is currently consolidating below a major resistance at $6,500 against the US Dollar.
  • There is a short-term breakout pattern in place with resistance at $6,380 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair has to move above $6,380 and $6,500 to gain upside momentum in the near term.

Bitcoin price is struggling to clear the $6,500 barrier against the US Dollar. BTC/USD could extend slides if it fails to move above $6,380 and $6,500.

Bitcoin Price Analysis

This past week, we saw a major downside move below $6,500 in bitcoin price against the US Dollar. The BTC/USD pair traded as low as $6,070 and later started an upward move. It corrected above the $6,200 and $6,300 resistance levels. However, the upside move was capped by the $6,440 level and the 100 hourly simple moving average. Moreover, the price failed to settle above the 23.6% Fib retracement level of the last significant drop from the $7,391 high to $6,070 low.

The price moved down, but the $6,200 level prevented declines. It seems like there is a short-term breakout pattern in place with resistance at $6,380 on the hourly chart of the BTC/USD pair. The pair has to move above the triangle resistance at $6,380 and the 100 hourly SMA to recover. The next major resistance is $6,500, which acted as a resistance on many occasions. If buyers succeed in clearing the $6,500 resistance, the next stop could be $6,730. It represents the 50% Fib retracement level of the last significant drop from the $7,391 high to $6,070 low.

Bitcoin Price Analysis BTC USD

Looking at the chart, bitcoin could soon make the next move either above $6,380 or below $6,200. If there is a downside break, the price might even break the $6,070 low and test $6,000.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is currently above the 45 level.

Major Support Level – $6,200

Major Resistance Level – $6,500

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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