{"id":189018,"date":"2018-11-01T05:28:29","date_gmt":"2018-11-01T09:28:29","guid":{"rendered":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-watch-btc-usds-bounce-from-lows-looks-real\/189018"},"modified":"2021-07-22T15:14:12","modified_gmt":"2021-07-22T19:14:12","slug":"bitcoin-price-watch-btc-usds-bounce-from-lows-looks-real","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-watch-btc-usds-bounce-from-lows-looks-real","title":{"rendered":"Bitcoin Price Watch: BTC\/USD\u2019s Bounce From Lows Looks Real"},"content":{"rendered":"<p>&nbsp;<\/p>\n<p>Key Points<\/p>\n<ul>\n<li>Bitcoin price declined and retested the $6,200 support before recovering sharply against the US Dollar.<\/li>\n<li>There was a break above a major bearish trend line with resistance at $6,275 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The price may correct a few points, but it could find support near the $6,290 or $6,245 level.<\/li>\n<\/ul>\n<p><em>Bitcoin price is holding gains above $6,290 against the US Dollar. BTC\/USD could climb further higher towards the $6,355 and $6,385 resistance levels.<\/em><\/p>\n<h3>Bitcoin Price Analysis<\/h3>\n<p>Yesterday, we discussed <a href=\"https:\/\/www.newsbtc.com\/2018\/10\/31\/bitcoin-price-watch-btc-usds-next-leg-lower-likely\/\" target=\"_blank\" rel=\"noopener\">chances of more losses<\/a> below the $6,250 support in bitcoin price against the US Dollar. The BTC\/USD pair did move down below the $6,250 and retested the $6,200 support. However, there was a strong buying interest near the $6,200 zone, resulting in a sharp recovery. The price traded as low as $6,205 and later jumped above the $6,290 and $6,300 resistance levels.<\/p>\n<p>The upside move was strong as the price spiked above the $6,355 resistance and the 100 hourly simple moving average. However, buyers failed to hold gains above the $6,355 level, which resulted in a push below $6,320 and the 100 hourly SMA. The price tested the 50% Fib retracement level of the recent wave from the $6,205 low to $6,377 high. The current price action is positive and it seems like the price may climb back towards $6,355 or $6,385 in the near term. An initial support awaits near $6,290 followed by the 61.8% Fib retracement level of the recent wave from the $6,205 low to $6,377 high. The <a href=\"https:\/\/www.newsbtc.com\/2018\/10\/30\/bitcoin-price-watch-btc-usd-at-risk-of-more-losses-below-6240\/\" target=\"_blank\" rel=\"noopener\">main support<\/a> on the downside below $6,271 is near the $6,245 level.<\/p>\n<p><img decoding=\"async\" class=\"alignnone size-full wp-image-356043\" src=\"https:\/\/insidebitcoins.com\/wp-content\/uploads\/2018\/11\/Bitcoin.png\" alt=\"Bitcoin Price Analysis BTC Chart\" width=\"1828\" height=\"899\" \/><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a>, bitcoin price is nicely supported near $6,290 and $6,245. As long as there is no break below the recent low, the price could recover above $6,355.<\/p>\n<p>Looking at the technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD for BTC\/USD is slowly moving in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI is well above the 50 level.<\/p>\n<p>Major Support Level \u2013 $6,245<\/p>\n<p>Major Resistance Level \u2013 $6,355<\/p>\n<p>&nbsp;<\/p>\n<p>The post <a href=\"https:\/\/www.newsbtc.com\/2018\/11\/01\/bitcoin-price-watch-btc-usds-bounce-from-lows-looks-real\/\" rel=\"nofollow\">Bitcoin Price Watch: BTC\/USD\u2019s Bounce From Lows Looks Real<\/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 declined and retested the $6,200 support before recovering sharply against the US Dollar. There was a break above a major <a class=\"read-more-link\" href=\"https:\/\/insidebitcoins.com\/news\/bitcoin-price-watch-btc-usds-bounce-from-lows-looks-real\" title=\"Bitcoin Price Watch: BTC\/USD\u2019s Bounce From Lows Looks Real\">[&#8230;]<\/a><\/div>","protected":false},"author":168,"featured_media":189021,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.0 (Yoast SEO v22.0) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin Price Watch: BTC\/USD\u2019s Bounce From Lows Looks Real - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"Bitcoin price is nicely supported near $6,290 and $6,245. 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