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

Bitcoin Price Watch: BTC/USD Targets Fresh Weekly Lows

Aayush Jindal
Aayush Jindal
6 years ago
2 mins read
technical analysis bitcoin

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Key Points

  • Bitcoin price declined recently below the $6,300 support before correcting higher against the US Dollar.
  • There was a break above a connecting bearish trend line with resistance at $6,360 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is struggling to break the $6,380 resistance and the 100 hourly simple moving average.

Bitcoin price is trading in a bearish zone below $6,400 against the US Dollar. BTC/USD could decline further towards the $6,250 or $6,220 level in the near term.

Bitcoin Price Analysis

After trading as high as $6,553, bitcoin price started a major downside correction against the US Dollar. The BTC/USD pair traded below the $6,440 and $6,400 support levels to move into a bearish zone. The price even settled below the $6,400 support and the 100 hourly simple moving average. Sellers managed to push the price towards the $6,250 support before buyers appeared near $6,260.

A low was formed at $6,275 and later the price corrected higher. It moved above the 23.6% Fib retracement level of the last drop from the $6,553 high to $6,257 low. Moreover, there was a break above a connecting bearish trend line with resistance at $6,360 on the hourly chart of the BTC/USD pair. However, the upside move was capped by the $6,380 level and the 100 hourly SMA. It seems like the price may decline once again if there is a break below $6,340 and $6,320. In the mentioned scenario, the price could even trade below the $6,275 low and form a new weekly low.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price needs to move past $6,380 and $6,400 to recover further. The next resistance is near $6,440 and the 61.8% Fib retracement level of the last drop from the $6,553 high to $6,257 low.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI just moved below the 50 level.

Major Support Level – $6,375

Major Resistance Level – $6,400

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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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