Search Inside Bitcoins

Bitcoin Price Watch: BTC/USD Forms Double Bottom Near $6,360

 

Key Points

  • Bitcoin price declined recently and tested the $6,350-60 support area against the US Dollar.
  • There is a major bearish trend line formed with resistance at $6,410 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is likely forming a double bottom pattern near the $6,350-60 support area.

Bitcoin price bounced back sharply from $6,360 against the US Dollar. BTC/USD could accelerate higher once there is a break above the $6,410 resistance.

Bitcoin Price Analysis

Yesterday, there was a downside reaction from the $6,460 level in bitcoin price against the US Dollar. The BTC/USD pair fell below the $6,400 and $6,410 support levels. There was also a close below the $6,400 support and the 100 hourly simple moving average. The decline was such that the price retested the $6,350-60 support area. There was a strong buying interest emerged near $6,360, resulting in a fresh upward move.

The price bounced back sharply and moved above the $6,390 level. There was also a break above the 23.6% Fib retracement level of the recent decline from the $6,465 high to $6,355 low. The current price action indicates that BTC is likely forming a double bottom pattern near the $6,350-60 support area. On the upside, there is a major bearish trend line formed with resistance at $6,410 on the hourly chart of the BTC/USD pair. The same trend line is near the 100 hourly SMA and the 50% Fib retracement level of the recent decline from the $6,465 high to $6,355 low.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price will most likely accelerate gains once there is a proper close above $6,410 and the 100 hourly SMA. Moreover, if the double bottom pattern is valid, the price could even break the $6,465 high to trade further higher.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is just near the 50 level.

Major Support Level – $6,360

Major Resistance Level – $6,410

 

The post Bitcoin Price Watch: BTC/USD Forms Double Bottom Near $6,360 appeared first on NewsBTC.

Read next

X

eToro - Best Cryptocurrency Platform

eToro - Best Cryptocurrency Platform

eToro - Best Cryptocurrency Platform

Buy Crypto

68% of retail investor CFD accounts lose money.

eToro - Best Cryptocurrency Platform
Buy Crypto

68% of retail investor CFD accounts lose money.

X

InsideBitcoins uses cookies to improve and customize your user experience. Learn more

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close