Bitcoin price failed to hold gains above the $6,480 support and declined against the US Dollar. BTC/USD moved into a short term bearish zone below $6,480 and $6,460.
- Bitcoin price declined recently and settled below the $6,480 support level.
- BTC/USD broke two major bullish trend lines with support at $6,510 and $6,480 on the 2-hours chart.
- BTC price could correct higher, but it could face sellers near the $6,480 and $6,500 levels.
Bitcoin Price Analysis
After topping around the $6,617 level, bitcoin price started a downside move against the US Dollar. BTC/USD declined slowly and steadily below the $6,540 and $6,500 support levels.
The 2-hours chart indicates that the price failed to stay above a couple of important supports near the $6,480 level and it also settled below the 100 simple moving average (2-hours).
Sellers took control recently and pushed the price below the 50% Fib retracement level of the last wave from the $6,345 low to $6,617 high. More importantly, there was a break below two major bullish trend lines with support at $6,510 and $6,480 on the same chart.
The price is now approaching the $6,410 support, which may protect declines. It also represents the 76.4% Fib retracement level of the last wave from the $6,345 low to $6,617 high.
If there are further losses below the $6,410 support, the price is likely to accelerate below the $6,400 support as well. On the upside, an initial resistance is at $6,445 and the 100 simple moving average (2-hours).
However, the main hurdle for buyers is near the $6,480 level, which was a support earlier. There is also a bearish trend line on the same chart around the $6,500 level, which is likely to prevent gains in the near term.
Overall, it seems like bitcoin price moved into a short term bearish zone below the $6,480 support and the 100 SMA. As long as there is no close above $6,500, there is a risk of more downsides towards the $6,400 and $6,345 levels in the coming sessions.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
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]