bitcoin

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”

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Bitcoin Price Analysis: BTC/USD Trend Overwhelmingly Negative
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Bitcoin Price Analysis: BTC/USD Trend Overwhelmingly Negative
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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.
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COINGAPE
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About Latika Mehrotra 25 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.