Bitcoin Price Watch: BTC/USD Approaching Next Key Break

2018-9-11 11:48

Key Points Bitcoin price is preparing for the next move with resistances near $6,385 and $6,530 against the US Dollar. Yesterday’s highlighted major breakout pattern is still active with resistance at $6,385 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to make the next move either above $6,400 or below $6,240 in the near term.

Bitcoin price remained confined in a range above $6,240 against the US Dollar. BTC/USD could recover to $6,530 if it breaks the $6,400 resistance.

Bitcoin Price Analysis

During the past three sessions, there was hardly any major move above $6,400 in bitcoin price against the US Dollar. The BTC/USD pair remained confined in a tight range above the $6,240 support level. Recently, there was an attempt by buyers to clear the $6,380-6,400 resistance zone. However, they failed to gain traction above $6,400 and the 100 hourly simple moving average. Additionally, the 23.6% Fib retracement level of the last drop from the $7,390 swing high to $6,070 low also prevented gains.

The price is currently trading near the $6,300 level with a few bearish signs. More importantly, yesterday’s highlighted major breakout pattern is still active with resistance at $6,385 on the hourly chart of the BTC/USD pair. Therefore, it seems like the price is likely to make the next move either above $6,400 or below $6,240. If buyers push the price above the $6,380-6,400 resistance zone, there could be a move towards the $6,530 resistance. Further above $6,530, the next resistance is near $6,730. On the other hand, a downside break below $6,240 may perhaps open the doors for more losses towards $6,000.

Looking at the chart, bitcoin is poised for the next break, which could be towards the $6,530 level. However, upsides are likely to be capped near $6,530, $6,550 and $6,600.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slightly in the bearish zone.

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

Major Support Level – $6,240

Major Resistance Level – $6,400

The post Bitcoin Price Watch: BTC/USD Approaching Next Key Break appeared first on NewsBTC.

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The former vice president of North American investment banking at JPMorgan Chase has said that blockchain “may be the key to avoiding the next global financial crisis,” the China Economic Times reports today, July 23.

The former vice president of North American investment banking at JPMorgan Chase has said that blockchain “may be the key to avoiding the next global financial crisis,” the China Economic Times reports today, July 23.

2018-7-23 17:30


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