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.
- 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.
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.