Reason to trust

How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
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.
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