Search Inside Bitcoins

Bitcoin Price Watch: Buy Dips In BTC/USD Near $6,400

Don’t invest unless prepared to lose all the money you invest. This is a high-risk investment, you shouldn’t expect to be protected if something goes wrong.

Join Our Telegram channel to stay up to date on breaking news coverage

 

Key Points

  • Bitcoin price declined towards the $6,350 support and later recovered sharply against the US Dollar.
  • There was a break above two bearish trend lines formed with resistance at $6,410 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price tagged the $6,450-60 resistance and it is currently correcting lower.

Bitcoin price recovered higher towards the range high at $6,460 against the US Dollar. BTC/USD remains supported on dips near the $6,410 and $6,400 supports.

Bitcoin Price Analysis

There was a downside extension below the $6,400 and $6,390 levels in bitcoin price against the US Dollar. The BTC/USD pair declined towards the $6,350 support area and formed a low at $6,357. Later, the price bounced back sharply and broke the $6,400 resistance area. There was even a close above the $6,400 resistance and the 100 hourly simple moving average.

The upside move was strong as the price surpassed the $6,420 swing high as well. More importantly, there was a break above two bearish trend lines formed with resistance at $6,410 on the hourly chart of the BTC/USD pair. The pair traded towards the $6,450-60 zone, which is the range resistance. A high was formed at $6,466 and later the price corrected lower. It moved below the 23.6% Fib retracement level of the last wave from the $6,357 low to $6,466 high. However, there is a decent support formed near $6,400 and the 100 hourly. Moreover, the 50% Fib retracement level of the last wave from the $6,357 low to $6,466 high is also near $6,410.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price could dip a few points, but the $6,400-10 support area could protect losses. On the upside, the price has to move above the $6,450-60 range resistance to climb further higher.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is currently in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is well above the 50 level.

Major Support Level – $6,400

Major Resistance Level – $6,460

 

The post Bitcoin Price Watch: Buy Dips In BTC/USD Near $6,400 appeared first on NewsBTC.

Join Our Telegram channel to stay up to date on breaking news coverage

Read next

Please enter Coingecko Free Api Key to get this plugin works