Bitcoin price declined below the main $6,360 support against the US Dollar. BTC/USD is currently in a downtrend and it could accelerate declines towards $6,110.
- Bitcoin price moved into a bearish zone after it broke the $6,390 and $6,360 supports.
- BTC/USD declined below an important triangle support at $6,360 on the 4-hours chart.
- BTC price is likely to continue lower towards the $6,160 or $6,110 support level.
Bitcoin Price Analysis
After a long struggle to clear the $6,480 and $6,490 resistance levels, there was a downside move in bitcoin price. BTC/USD started declining and broke the $6,390 and $6,360 support levels to move into a bearish zone.
The 4-hours chart of BTC/USD indicates that the price traded below the 50% Fib retracement level of the last wave from the $6,055 low to $6,493 swing high. Besides, there was a close below the $6,320 level and the 50 simple moving average (4-hours).
More importantly, the decline was initiated after the price declined below an important triangle support at $6,360 on the same chart. It cleared the path for a sharp decline and the price traded towards the $6,200 zone.
It tested the 61.8% Fib retracement level of the last wave from the $6,055 low to $6,493 swing high. Buyers defended losses below the $6,222 level and the price later started consolidating losses.
Going forward, there could be two scenarios, first, the price corrects higher towards the $6,320 or $6,360 resistance levels and later start a fresh downward move. Second, the price continues to move down and test the next main support near the $6,160 level.
In both cases, the price is at a risk of more declines below the $6,222 support level. On the downside, the $6,160 level is a decent support. However, the main support is near the $6,110 level, below which there is a possibility that the price may slide towards the $6,000 handle.
Overall, bitcoin price moved into a bearish zone and any upward move towards the $6,320 or $6,360 resistance levels is likely to face a strong selling interest.