Bitcoin price failed to climb above the $6,500 and $6,540 resistances against the US Dollar. BTC/USD moved into a bearish zone and it could tumble to $6,290.
- Bitcoin price started a fresh decline and moved below the $6,500 support zone.
- BTC/USD broke a major ascending channel pattern with support at $6,440 on the 2-hours chart.
- BTC price remains at a risk of more losses towards the $6,290 and $6,250 supports.
Bitcoin price analysis
There were many attempts to break the $6,490 and $6,500 resistance levels against the US Dollar. BTC/USDT failed to settle above $6,500, which resulted in bearish moves below the $6,440 support level.
The 2-hour chart indicates that the price struggled a lot and declined heavily below the $6,410 support level. The price even settled below the $6,400 level and the 100 simple moving average (2-hours).
Sellers also succeeded in clearing the 61.8% Fib retracement level of the upside move from the $6,150 swing low to $6,760 swing high. More importantly, there was a break below a major ascending channel pattern with support at $6,440 on the same chart.
On the downside, the next major support is around the $6,320 level and the 100 simple moving average (2-hours). Below $6,320, the next major support is near the $6,290, which is the 76.4% Fib retracement level of the upside move from the $6,150 swing low to $6,760 swing high.
Therefore, there are high chances of more slides below the $6,340 level as long as the price is below the $6,490 level. On the upside, an initial resistance is near the $6,405 level, followed by the all-important $6,440 level.
The most important resistance is near the $6,490-6,500 zone. A proper close above the $6,500 zone is needed for buyers to take control towards $6,610 level.
The current price is bearish and it seems like there could be further losses towards the $6,290 level. However, the 100 SMA may possibly act as a strong support along with the $6,290 level. Below $6,290 and $6,250, there is a key bullish trend line in place with support at $6,190.
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