Bitcoin Price Analysis: Looking To Buy BTC/USD?

By Latika Mehrotra
Published October 22, 2018 Updated October 22, 2018
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Bitcoin Price Analysis: Looking To Buy BTC/USD?

By Latika Mehrotra
Published October 22, 2018 Updated October 22, 2018

Bitcoin price found support near $6,355 and later started trading in a range against the US Dollar. BTC/USD remains supported near $6,355 and $6,320 for an upside break.

Important points

  • Bitcoin price is trading nicely above the $6,320 and $6,280 support levels.
  • BTC/USD is likely to find buying interest near a bullish trend line with support at $6,280 on the 2-hours chart.
  • BTC price must surpass the $6,440 and $6,490 resistance levels to gain traction.

Bitcoin price analysis

After a sharp downside, bitcoin price found support near the $6,355 level against the US Dollar. BTC/USDT traded as low as $6,354.24 before it started consolidating losses in a tiny range.

The 2-hour chart indicates that the price found a strong support near the $6,355 level and the 100 simple moving average (2-hours). It recovered a few points and traded above the $6,420 level.

bitcoin
Chart sourced by TradingView, Bitstamp

However, the price failed to gain bullish momentum above the 23.6% Fib retracement level of the recent drop from the $6,752 high to $6,354 low. It seems like there is a major range formed above the $6,355 support level.

The range resistance is near the $6,490 and $6,500 levels. An immediate resistance is around a connecting bearish trend line at $6,445 on the same chart. If bitcoin buyers push the price above the trend line and the $6,490 range resistance, there could be a decent rally towards the $6,700 level.

An intermediate resistance is near the $6,600 level and the 61.8% Fib retracement level of the recent drop from the $6,752 high to $6,354 low.

On the flip side, if the price breaks the range support at $6,355, it could test the $6,320 or $6,300 supports. There is also a major bullish trend line with support at $6,280 on the same chart.

Therefore, if bitcoin price slides from the current levels, buyers are likely to take a stand near the $6,355, $6,320 or $6,280 levels. Below these supports, sellers will most likely take control and the price could even slide towards the $6,080 level. An intermediate support is around the $6,160 level.

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
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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