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Bitcoin Price Watch: BTC/USD Trend Overwhelmingly Bearish

Key Points

  • Bitcoin worth declined additional and broke a key reinforce at USD 6,300 in opposition to the USA Dollar.
  • There used to be a spoil beneath a contracting triangle with reinforce at $6,310 at the hourly chart of the BTC/USD pair (information feed from Kraken).
  • The pair is recently beneath force and it stays at a chance of extra losses beneath $6,200.

Bitcoin worth dropped considerably beneath $6,300 in opposition to the USA Dollar. BTC/USD is accelerating losses in opposition to the following helps at $6,100 and $6,050.

Bitcoin Price Analysis

Bitcoin worth began a non permanent correction after buying and selling towards the $6,280 degree in opposition to the USA Dollar. The BTC/USD pair moved a couple of issues upper and traded above the $6,300 and $6,350 ranges. However, the upside move was capped through the 23.6% Fib retracement degree of the closing drop from the $6,720 top to $6,280 low. The worth failed to transport previous the $6,400 and declined sharply.

The fresh decline used to be such that the associated fee broke the $6,280 low. More importantly, there used to be a spoil beneath a contracting triangle with reinforce at $6,310 at the hourly chart of the BTC/USD pair. It opened the doorways for extra declines and the associated fee cleared the $6,200 reinforce. It is now buying and selling smartly beneath the $6,500 pivot degree and the 100 hourly easy transferring reasonable. A low used to be shaped at $6,145 and the associated fee is recently consolidating. An preliminary resistance is close to the $6,280 degree, which used to be a reinforce previous. Moreover, the 50% Fib retracement degree of the closing slide from the $6,399 top to $6,145 low could also be close to $6,290 to behave as a resistance.

Bitcoin Price Analysis BTC USD

Looking on the chart, bitcoin worth is beneath a large number of force beneath $6,300. If it continues to transport down, a spoil beneath $6,180 may push the associated fee in opposition to $6,100 and $6,050.

Looking on the technical signs:

Hourly MACD – The MACD for BTC/USD is transferring closely within the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is transferring decrease in opposition to the 20 degree.

Major Support Level – $6,100

Major Resistance Level – $6,300

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