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Bitcoin Price Weekly Analysis: BTC/USD Remains At Risk Below $6,300

Key Points

  • Bitcoin price started a downside correction after climbing as high as $6,554 against the US Dollar.
  • There was a break below a major bullish trend line with support at $6,420 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently at a risk of more losses below the $6,300 support area in the near term.

Bitcoin price is under pressure below $6,400 against the US Dollar. BTC/USD could decline towards $6,280 or $6,250 if sellers remain in control.

Bitcoin Price Analysis

This past week, we saw a decent upward move above the $6,400 and $6,500 levels in bitcoin price against the US Dollar. The BTC/USD pair traded towards the $6,550 level and settled above the 100 simple moving average (4-hours). A fresh monthly high was formed at $6,554 and later the price corrected lower sharply. It broke the $6,500 and $6,440 support levels to move back in a bearish zone.

The price also breached the 50% Fib retracement level of the last wave from the $6,202 low to $6,554 high. More importantly, there was a break below a major bullish trend line with support at $6,420 on the 4-hours chart of the BTC/USD pair. The pair traded below the $6,360 support and the 100 simple moving average (4-hours). At the moment, the price is consolidating above $6,300. If sellers remain in action, the price could slide towards the $6,280 level and the 76.4% Fib retracement level of the last wave from the $6,202 low to $6,554 high.

Bitcoin Price Weekly Analysis BTC Chart

Looking at the chart, BTC price is currently struggling to break the $6,360-70 resistance zone and the 100 SMA. A successful close above $6,400 is needed for buyers to regain momentum. If not, there is a risk of a downside break below the $6,280 support in the near term.

Looking at the technical indicators:

4-hours MACD – The MACD for BTC/USD is slowly moving into the bullish zone.

4-hours RSI (Relative Strength Index) – The RSI is currently well below the 50 level.

Major Support Level – $6,250

Major Resistance Level – $6,400

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

Key Points

  • Bitcoin price declined further and traded below the $6,440 support against the US Dollar.
  • Yesterday’s highlighted key bullish trend line with support at $6,445 was breached on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price tested the next important support at $6,375 and later started consolidating losses.

Bitcoin price failed to stay above the $6,440 support against the US Dollar. BTC/USD is currently consolidating above the $6,375 support with bearish moves.

Bitcoin Price Analysis

Recently, bitcoin price started a downside correction and traded below the $6,500 support against the US Dollar. The BTC/USD pair declined and broke the $6,475 and $6,440 support levels. Moreover, there was a close below the $6,440 support and the 100 hourly simple moving average. The decline was such that the price surpassed the 76.4% Fib retracement level of the last leg from the $6,370 swing low to $6,553 high.

More importantly, yesterday’s highlighted key bullish trend line with support at $6,445 was breached on the hourly chart of the BTC/USD pair. The pair traded close to the $6,370 swing low and found support near $6,375. It corrected a few points and tested the 23.6% Fib retracement level of the recent decline from the $6,552 high to $6,382 low. At the moment, the price is consolidating above the $6,375 support. If buyers reappear, the price may test the previous support at $6,440 and the 100 hourly SMA. Above $6,440, the next resistance is $6,475 and the 50% Fib retracement level of the recent decline from the $6,552 high to $6,382 low.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price may trade in a range above the $6,375 support for a couple of sessions before the next move. The price could either surpass the $6,440 resistance or decline towards $6,300 in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is currently just below the 40 level.

Major Support Level – $6,375

Major Resistance Level – $6,440

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Bitcoin Cash Price Analysis: BCH/USD Consolidating Near Key Support

Key Points

  • Bitcoin cash price traded as high as $637 and later corrected lower against the US Dollar.
  • There was a break below a key bullish trend line with support at $605 on the hourly chart of the BCH/USD pair (data feed from Kraken).
  • The pair is currently trading near a major support at $575 and the 100 hourly simple moving average.

Bitcoin cash price started a downside correction from the $640 swing high against the US Dollar. BCH/USD is currently consolidating near $575 and it could bounce back.

Bitcoin Cash Price Analysis

Yesterday, there were extended gains above the $600 resistance in bitcoin cash price against the US Dollar. The BCH/USD pair traded above the $620 resistance and settled above the 100 hourly simple moving average. The price traded as high as $637 before sellers appeared. As a result, there was a downside correction and the price moved below the $600 level.

During the decline, the price broke the 50% Fib retracement level of the last leg from the $534 low to $637 high. Moreover, there was a break below a key bullish trend line with support at $605 on the hourly chart of the BCH/USD pair. The pair extended losses and it is currently trading near a major support at $575 and the 100 hourly simple moving average. Besides, the 61.8% Fib retracement level of the last leg from the $534 low to $637 high is also near $575. Therefore, the price is likely to bounce back towards $600 and $620.

Bitcoin Cash Price Analysis BCH Chart

Looking at the chart, BCH price showing positive signs above the $575 support. There could be a fresh bearish move, but the price is likely to stay above the $540-550 zone. On the upside, a break above the $620 resistance may push the price above $650.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is well below the 50 level.

Major Support Level – $575

Major Resistance Level – $600

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Bitcoin Price Watch: BTC/USD Accelerating Gains Toward $6,700

Key Points

  • Bitcoin price traded further higher and broke the $6,515 resistance area against the US Dollar.
  • There was a break above a key contracting triangle with resistance at $6,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely to accelerate gains above the $6,550 and $6,600 levels in the near term.

Bitcoin price is placed nicely above the $6,480 support against the US Dollar. BTC/USD is likely to grind higher towards the $6,700 level in the near term.

Bitcoin Price Analysis

Yesterday, there was a minor downside correction in bitcoin price from the $6,480 swing high against the US Dollar. The BTC/USD pair corrected lower and tested the $6,375 support, which acted as a major buy zone. As a result, there was a fresh upward move and the price traded above the $6,440 and $6,475 resistance levels. Moreover, the price even broke the $6,500 resistance and settled above the 100 hourly simple moving average.

More importantly, there was a break above a key contracting triangle with resistance at $6,440 on the hourly chart of the BTC/USD pair. The price spiked above the $6,500 level and traded as high as $6,553. Later, there was a downside correction below the $6,540 level. Sellers pushed the price below the 23.6% Fib retracement level of the recent wave from the $6,403 swing low to $6,553 high. However, there are many buy zones on the downside near the $6,475 level. Besides, the 50% Fib retracement level of the recent wave from the $6,403 swing low to $6,553 high is also at $6,478.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is placed nicely above the $6,475 and $6,440 support levels. It will most likely continue to accelerate gains above the $6,550 and $6,600 levels in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly reducing its bullish slope.

Hourly RSI (Relative Strength Index) – The RSI is currently well above the 50 level.

Major Support Level – $6,475

Major Resistance Level – $6,550

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Bitcoin Price Watch: BTC/USD Could Resume Uptrend Above $6,440

Key Points

  • Bitcoin price corrected lower recently after trading as high as $6,472 against the US Dollar.
  • There is a major bullish trend line in place with support at $6,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is positioned for the next wave, which could be above the $6,420 resistance.

Bitcoin price is trading in a positive zone against the US Dollar. BTC/USD could continue to move higher as long as it is above $6,375 support level.

Bitcoin Price Analysis

Yesterday, bitcoin price started a downside correction after trading as high as $6,472 against the US Dollar. The BTC/USD pair declined below the $6,440 and $6,420 support levels. It also broke the 50% Fib retracement level of the last leg from the $6,319 low to $6,472 high. However, the price is still trading well above the $6,375 support and the 100 hourly simple moving average.

The price recently tested the $6,370-6,375 area, which acted as a support. Besides, the 61.8% Fib retracement level of the last leg from the $6,319 low to $6,472 high also provided support. More importantly, there is a major bullish trend line in place with support at $6,390 on the hourly chart of the BTC/USD pair. The pair is currently placed nicely above the $6,375 support and the 100 hourly simple moving average. On the upside, there is a connecting bearish trend line with resistance at $6,420. It seems like the price could dip towards $6,375 before it starts a fresh upward move above $6,420 and $6,440.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is still in an uptrend from the $6,200 support. Once buyers push the price above $6,440, there could be more gains above the $6,475 level in the near term.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is currently flat near the 50 level.

Major Support Level – $6,375

Major Resistance Level – $6,440