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Bitcoin Price Watch: BTC/USD Trading Near Major Inflection Point

Key Points

  • Bitcoin value declined additional and traded underneath the $6,440 make stronger in opposition to the United States Dollar.
  • Yesterday’s highlighted key bullish development line with make stronger at $6,445 was once breached at the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The value examined the following essential make stronger at $6,375 and later began consolidating losses.

Bitcoin value failed to stick above the $6,440 make stronger in opposition to the United States Dollar. BTC/USD is these days consolidating above the $6,375 make stronger with bearish strikes.

Bitcoin Price Analysis

Recently, bitcoin value began a downside correction and traded underneath the $6,500 make stronger in opposition to the United States Dollar. The BTC/USD pair declined and broke the $6,475 and $6,440 make stronger ranges. Moreover, there was once an in depth underneath the $6,440 make stronger and the 100 hourly easy shifting moderate. The decline was once such that the associated fee surpassed the 76.four% Fib retracement degree of the ultimate leg from the $6,370 swing low to $6,553 prime.

More importantly, the day before today’s highlighted key bullish development line with make stronger at $6,445 was once breached at the hourly chart of the BTC/USD pair. The pair traded on the subject of the $6,370 swing low and located make stronger close to $6,375. It corrected a couple of issues and examined the 23.6% Fib retracement degree of the hot decline from the $6,552 prime to $6,382 low. At the instant, the associated fee is consolidating above the $6,375 make stronger. If consumers reappear, the associated fee would possibly check the previous support at $6,440 and the 100 hourly SMA. Above $6,440, the following resistance is $6,475 and the 50% Fib retracement degree of the hot decline from the $6,552 prime to $6,382 low.

Bitcoin Price Analysis BTC Chart

Looking on the chart, bitcoin value would possibly business in a spread above the $6,375 make stronger for a few classes ahead of your next step. The value may both surpass the $6,440 resistance or decline against $6,300 within the close to time period.

Looking on the technical signs:

Hourly MACD – The MACD for BTC/USD is ready to transport again within the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is these days slightly under the 40 degree.

Major Support Level – $6,375

Major Resistance Level – $6,440

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