• Advertise
  • Submit a Press Release
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Free SpinsTry
  • Play FinanceTry
No Result
View All Result
NewsBTC
No Result
View All Result
Breaking News: How Uniswap Was Deployed On The Binance Smart Chain
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
Advertisement

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.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

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:

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?

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
Tweet123Share196ShareSend
Win up to $1,000,000 in One Spin at CryptoSlots
Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

Related Posts

Bitcoin Daily Chart Indicates Crucial Bullish Breakout Towards $10,000

LINK Price Prediction: Chainlink Bulls Aim Key Bullish Break

3 hours ago
Ethereum

Ethereum Price Grinds Lower and Turns At Risk of A Larger Decline

4 hours ago
Bitcoin

Bitcoin Bulls Take Break, What Could Trigger A Downside Correction

6 hours ago
XRP whales

Bullish Signal: XRP Whales Go On $155 Million Buying Spree

16 hours ago
ZEC

ZEC Coin Up Despite Security Firm Identifying Vulnerability In Zcash

19 hours ago
Solana Price Aims Higher

SOL Price Prediction: Solana Gearing For Another Lift-Off to $25

1 day ago

Premium Partners

Play Finance

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
CryptoSlots

CryptoSlots

Review · Visit
Coinplay

Coinplay

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit
Coinplay

Coinplay

Review · Visit

Aave News Points To Head Of Development In Search Of AI Solutions – Avorak AI Proves Itself In ICO Phase

March 20, 2023

New Meme Project Love Hate Inu Raises $1 Million & Enters Stage 2 of Presale

March 20, 2023

TMS Network (TMSN) Holders Enjoy Gains in Presale Attracting New Investors from PancakeSwap (CAKE) And Algorand (ALGO)

March 20, 2023

USD Coin (USDC) And Cardano (ADA) Suffer Losses While TMS Network (TMSN) Explodes in Presales

March 20, 2023

TMS Network (TMSN) Emerges as the New Favorite of Investors, Leaving Filecoin (FIL) and Arweave (AR) in the Dust

March 20, 2023

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Links

Crypto Prices from Nomics

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2022 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
  • Events
  • Play Games
  • Play Casino Games
  • Free Spins
  • Play Finance

© 2022 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.