Bitcoin Price Analysis: BTC/USD Turned Bearish Below $6,500

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Bitcoin Price Analysis: BTC/USD Turned Bearish Below $6,500

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.

Important points

  • 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).

bitcoin
Chart sourced by TradingView, Bitstamp

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.

Summary
Bitcoin Price Analysis: BTC/USD Turned Bearish Below $6,500
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Bitcoin Price Analysis: BTC/USD Turned Bearish Below $6,500
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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.
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COINGAPE
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Author: Latika Mehrotra

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. Reach out to her [email protected]

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Latika Mehrotra 71 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. Reach out to her [email protected]

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