Bitcoin Price Analysis: BTC/USD’s Big Picture With Daily Chart Analyzed

Bitcoin Price Analysis
Source By: TradingView

Bitcoin Price Analysis: BTC/USD’s Big Picture With Daily Chart Analyzed

“Beginning

Bitcoin price is still in a downtrend below the $6,750 resistance area against the US Dollar. BTC/USD is likely to make the next move either above $6,750 or below $6,050 in the medium term.

Important Points:

  • ·       Bitcoin price is facing a significant resistance near the $6,650 and $6,750 levels.
  • ·       BTC/USD is trading below a monster bearish trend line with resistance at $6,620 on the daily chart.
  • BTC price needs to settle above the trend line and the $6,750 resistance for a positive bias.

Bitcoin Price Analysis

During the past few days, there was a slowly and steady rise from the $6,100 and $6,200 support levels in bitcoin price. BTC/USD traded above the $6,500 resistance level, but it struggled to clear a couple of important hurdles near $6,620 and $6,750.

The daily chart of BTC/USD indicates that the price traded above the 23.6% Fib retracement level of the last decline from the $7,413 high to $6,099 low. There was also a close above the $6,500 level and the 50-day simple moving average.

Bitcoin Price Analysis
Source By: TradingView

However, bitcoin sellers protected more gains above the $6,750 resistance. More importantly, the price failed to clear a monster bearish trend line with current resistance at $6,620 on the same chart.

Also, read: Ethereum Price Analysis (ETH/BTC): Ethereum Price At Risk of More Losses Vs Bitcoin

Additionally, the 50% Fib retracement level of the last decline from the $7,413 high to $6,099 low also acted as a resistance and prevented gains. At the moment, the price is trading below the trend line, the 50-day SMA, and the $6,620 level.

To move into a bullish zone, the price has to settle above the trend line, $6,750 and the 50-day SMA. In the mentioned case, the price is likely to accelerate above the $7,000 level in the near term.

On the flip side, if bitcoin price fails to break the trend line resistance or $6,750, there could be a bearish reaction. On the downside, an initial support is near the $6,410 level, below which BTC/USD may well continue to move down towards the $6,200 level. The final important support for the current wave is near the $6,050 level, below which the price could decline towards $5,500.

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Bitcoin Price Analysis: BTC/USD’s Big Picture With Daily Chart Analyzed
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Bitcoin Price Analysis: BTC/USD’s Big Picture With Daily Chart Analyzed
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Bitcoin Price analysis: Bitcoin price is still in a downtrend below the $6,750 resistance area against the US Dollar. BTC/USD is likely to make the next move either above $6,750 or below $6,050 in the medium term.
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Aayush Jindal 15 Articles

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis and has spent over a decade as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.