{"id":164114,"date":"2018-08-19T03:00:48","date_gmt":"2018-08-19T07:00:48","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-weekly-analysis-btc-usd-failed-again-near-6600-now-what\/164114"},"modified":"2021-08-13T06:18:45","modified_gmt":"2021-08-13T10:18:45","slug":"bitcoin-price-weekly-analysis-btc-usd-failed-again-near-6600-now-what","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-weekly-analysis-btc-usd-failed-again-near-6600-now-what","title":{"rendered":"Bitcoin Price Weekly Analysis: BTC\/USD Failed Again Near $6,600, Now What?"},"content":{"rendered":"<p>&nbsp;<\/p>\n<h2>Key Points<\/h2>\n<ul>\n<li>Bitcoin price rebounded and moved above the $6,400 level, but it failed near $6,600 against the US Dollar.<\/li>\n<li>There was a break below a major bullish trend line with support at $6,460 on the 4-hours chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair remains in a broad range between $6,000 and $6,600, and it may continue to trade sideways.<\/li>\n<\/ul>\n<p><em>Bitcoin price failed once again near the $6,600-6,620 resistance against the US Dollar. BTC\/USD is correcting lower and it could test the $6,275 and $6,188 supports.<\/em><\/p>\n<h2>Bitcoin Price Range Trading<\/h2>\n<p>This past week, there was a nice <a href=\"https:\/\/www.newsbtc.com\/2018\/08\/16\/bitcoin-price-watch-what-does-btc-usds-failure-near-6600-indicate\/\" target=\"_blank\" rel=\"noopener\">upward move<\/a> from the $5,900 swing low in bitcoin price against the US Dollar. The BTC\/USD pair traded above the $6,300 and $6,500 resistance levels. However, the price failed yet again near a significant resistance at $6,600-6,620. The stated resistance zone prevented gains above $6,650 and the 100 simple moving average (4-hours). As a result, the price declined and moved below the $6,500 level.<\/p>\n<p>There was a break below the 23.6% Fib retracement level of the last leg from the $5,900 low to $6,653 high. Moreover, there was a break below a major bullish trend line with support at $6,460 on the 4-hours chart of the BTC\/USD pair. It has opened the doors for <a href=\"https:\/\/www.newsbtc.com\/2018\/08\/15\/bitcoin-price-watch-btc-usds-rebound-above-6350-is-real\/\" target=\"_blank\" rel=\"noopener\">more losses<\/a> in the short term below the $6,300 support level. The next important support is the 50% Fib retracement level of the last leg from the $5,900 low to $6,653 high at $6,276. Below this, the price is likely to break the $6,250 level to test the $6,188-6,200 support zone.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-344081\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/08\/Bitcoin15.png\" alt=\"Bitcoin Price Weekly Analysis BTC USD\" width=\"1828\" height=\"885\" \/><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a>, BTC price seems to be trading in a broad range of $6,000-6,600. Therefore, there are chances of the current wave extending towards $6,200 and $6,000 before buyers appear.<\/p>\n<p><strong>Looking at the technical indicators:<\/strong><\/p>\n<p><strong>4-hours MACD<\/strong> \u2013 The MACD for BTC\/USD has moved back in the bearish zone.<\/p>\n<p><strong>4-hours RSI (Relative Strength Index) <\/strong>\u2013 The RSI is now below the 50 level.<\/p>\n<p><strong>Major Support Level<\/strong> \u2013 $6,200<\/p>\n<p><strong>Major Resistance Level<\/strong> \u2013 $6,600<\/p>\n<p>&nbsp;<\/p>\n<p>The post <a href=\"https:\/\/www.newsbtc.com\/2018\/08\/19\/bitcoin-price-weekly-analysis-btc-usd-failed-again-near-6600-now-what\/\" rel=\"nofollow\">Bitcoin Price Weekly Analysis: BTC\/USD Failed Again Near $6,600, Now What?<\/a> appeared first on <a href=\"https:\/\/www.newsbtc.com\/\" rel=\"nofollow\">NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"fin-excerpt\">&nbsp; Key Points Bitcoin price rebounded and moved above the $6,400 level, but it failed near $6,600 against the US Dollar. There was a break <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/bitcoin-price-weekly-analysis-btc-usd-failed-again-near-6600-now-what\" title=\"Bitcoin Price Weekly Analysis: BTC\/USD Failed Again Near $6,600, Now What?\">[&#8230;]<\/a><\/div>","protected":false},"author":168,"featured_media":164117,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-164114","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.8 (Yoast SEO v23.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Weekly Analysis: BTC\/USD Failed Again Near $6,600, Now What? - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Bitcoin price rebounded and moved above the $6,400 level, but it failed near $6,600 against the US Dollar.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/164114\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin Price Weekly Analysis: BTC\/USD Failed Again Near $6,600, Now What?\" \/>\n<meta property=\"og:description\" content=\"Bitcoin price rebounded and moved above the $6,400 level, but it failed near $6,600 against the US Dollar.\" \/>\n<meta property=\"og:site_name\" content=\"InsideBitcoins.com\" \/>\n<meta property=\"article:published_time\" content=\"2018-08-19T07:00:48+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-08-13T10:18:45+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/08\/Bitcoin15-1.png\" \/>\n\t<meta property=\"og:image:width\" content=\"1828\" \/>\n\t<meta property=\"og:image:height\" content=\"885\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Aayush Jindal\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Aayush Jindal\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/164114#article\",\"isPartOf\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/164114\"},\"author\":{\"name\":\"Aayush Jindal\",\"@id\":\"https:\/\/insidebitcoins.com\/#\/schema\/person\/aaa5044bd2bdd13b09f95b1218ca998c\"},\"headline\":\"Bitcoin Price Weekly Analysis: BTC\/USD Failed Again Near $6,600, Now What?\",\"datePublished\":\"2018-08-19T07:00:48+00:00\",\"dateModified\":\"2021-08-13T10:18:45+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/164114\"},\"wordCount\":344,\"publisher\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"},\"image\":{\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/164114#primaryimage\"},\"thumbnailUrl\":\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/08\/Bitcoin15-1.png\",\"articleSection\":[\"More Crypto News\"],\"inLanguage\":\"en-US\",\"copyrightYear\":\"2018\",\"copyrightHolder\":{\"@id\":\"https:\/\/insidebitcoins.com\/#organization\"}},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/164114\",\"url\":\"https:\/\/insidebitcoins.com\/wp-json\/wp\/v2\/posts\/164114\",\"name\":\"Bitcoin Price Weekly Analysis: BTC\/USD Failed Again Near $6,600, Now What? 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