Bitcoin Price Analysis: BTC/USD Trend Overwhelmingly Negative

Bitcoin Price Analysis: BTC/USD Trend Overwhelmingly Negative

Bitcoin price is under pressure below the $6,360 resistance against the US Dollar. BTC/USD could continue to decline towards the $6,150 and $6,120 levels.

Important points

  • Bitcoin is moving inside a tight range below the $6,360 resistance level.
  • BTC/USD seems to be following a declining channel with resistance at $6,340 on the 2-hours chart.
  • BTC price may dip in the short term towards the $6,150 and $6,120 support levels.

Bitcoin price analysis

Bitcoin price remained in a tight range during the past few sessions with a bearish angle below the $6,450 and $6,360 resistance levels against the US Dollar. BTC/USD recently failed to clear the $6,420 resistance, which resulted in a downside move.

The 2-hours chart of BTC price indicates that there was a slow and steady decline from the $6,443 swing high. The price broke the 50% % Fibonacci retracement level of the last wave from the $6,104 low to $6,443 high.

bitcoin
Chart sourced by TradingView, Binance

Clearly, the price is under a lot of pressure since there was no proper break above the $6,420 and $6,360 resistances. The last few candles are signaling range moves above the $6,180 support zone.

On the downside, an initial support is near the $6,184 level, which is the 76.4% Fibonacci retracement level of the last wave from the $6,104 low to $6,443 high. Below this, the price could break the $6,150 support and trade towards the next support at $6,120.

More importantly, the pair seems to be following a declining channel with resistance at $6,340 on the same chart. Should sellers succeed in pushing the price below the channel support and $6,120, there could be heavy declines towards the $6,000 support.

On the upside, the channel resistance near $6,340 is a key resistance followed by $6,360. Above this last, the price may attempt to climb above the $6,420 resistance.

Overall, bitcoin price is showing many bearish signs below the $6,360 and $6,420 resistances. As long as BTC/USD is trading below these hurdles, there is a clear risk of more declines towards the $6,120 and $6,000 support levels in the near term.

Also, read: Bitcoin Stable, Altcoins Falling Hard Meanwhile Joseph Lubin says “There’s so much Growth Ahead”

The post Bitcoin Price Analysis: BTC/USD Trend Overwhelmingly Negative appeared first on Coingape.

Leave a Reply

Your email address will not be published. Required fields are marked *

You may use these HTML tags and attributes: <a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>

Skip to toolbar