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

Bitcoin Price Watch: BTC/USD Breakdown Below $6,520 Looks Real

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 broke the $6,540 and $6,520 support levels to move into a bearish zone against the US Dollar.
  • Yesterday’s highlighted important contracting triangle was breached with support at $6,520 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair tested the $6,400 support level and it is currently correcting higher in the short term.

Bitcoin price breached key supports around $6,520 against the US Dollar. BTC/USD is now at a risk of more losses towards the $6,360 support.

Bitcoin Price Analysis

During the past two days, we mostly saw range moves below the $6,700 resistance in bitcoin price against the US Dollar. The BTC/USD pair recently faced an increased selling pressure and declined below the $6,540 support. The price even settled below the $6,500 support and the 100 hourly simple moving average. It seems like buyers failed to gain traction above the $6,620 level, resulting in a bearish break.

More importantly, yesterday’s highlighted important contracting triangle was breached with support at $6,520 on the hourly chart of the BTC/USD pair. The pair traded towards the $6,400 support and formed a low at $6,401. It is currently correcting higher towards the 23.6% Fib retracement level of the recent drop from the $6,598 high to $6,401 low. It may perhaps continue to move higher towards the $6,500-6,520 zone, which is likely to act as a resistance. It also represents the 50% Fib retracement level of the recent drop from the $6,598 high to $6,401 low. Besides, there are two connecting bearish trend lines in place with resistance near $6,520.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price may correct higher in the short term, but the previous support at $6,520 could prevent gains. On the downside, a break below the recent low at $6,401 may push the price towards the $6,360 support.

Looking at the technical indicators:

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

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

Major Support Level – $6,400

Major Resistance Level – $6,520

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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.

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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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Reason to trust

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