Bitcoin Price Watch: BTC/USD Primed for Losses

2018-7-11 11:28

Key Points Bitcoin price failed to hold an important support at $6,550 and declined sharply against the US Dollar. There was a break below a key bullish trend line with support at $6,580 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is currently consolidating near the $6,300 level and it remains at a risk of more declines.

Bitcoin price tumbled sharply below $6,550 against the US Dollar. BTC/USD may correct a few points, but later it could resume its decline below $6,300 in the near term.

Bitcoin Price Analysis

Bitcoin price faced an increased selling pressure above $6,600 against the US Dollar. The BTC/USD pair started a downside move and broke a major support at $6,550. It opened the doors for more losses and the price declined by more than $250. It seems like a short-term top was formed at $6,800 and the price may accelerate declines in the near term.

During the decline, there was a break below a key bullish trend line with support at $6,580 on the hourly chart of the BTC/USD pair. The pair is now trading well below the $6,500 level and the 100 hourly simple moving average. The recent low was formed at $6,279 and the price is currently consolidating. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $6,799 high to $6,279 low. There is also a bearish trend line formed on the same chart with resistance near $6,400. Above this, the next resistance is near $6,500.

Looking at the chart, bitcoin is clearly in a bearish zone below $6,550. The stated level is now near the 50% Fib retracement level of the last decline from the $6,799 high to $6,279 low. Therefore, any upsides are likely to face resistance near $6,500-50. On the downside, a break below $6,279 may call for a test of $6,200.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is moving higher towards the 40 level.

Major Support Level – $6,280

Major Resistance Level – $6,500

The post Bitcoin Price Watch: BTC/USD Primed for Losses appeared first on NewsBTC.

origin »

Bitcoin (BTC) на Currencies.ru

$ 86980.21 (-0.57%)
Объем 24H $33.723b
Изменеия 24h: 1.48 %, 7d: 4.43 %
Cегодня L: $86976.7 - H: $88160.08
Капитализация $1725.823b Rank 1
Цена в час новости $ 6376.52 (1264.07%)

bitcoin btc usd price pair support key

bitcoin btc → Результатов: 126


Фото:

El Salvador Buys The Dip Scooping Up 5 BTC — Despite IMF Pressure To Back Off Bitcoin

El Salvador bought a further 5 BTC for its national reserve, worth roughly $415,000, as the top crypto nosedived to sub-$83,000 on Monday, reversing Sunday’s price rally to $95,000. Continuing A Bitcoin Purchase Streak According to the El Salvador National Bitcoin Office, the Central American nation purchased 5 BTC, which is four more than its […]

2025-3-5 21:15


Bitcoin Market Dominance Faces a Challenge as This AI Altcoin is Set for 22,000% Gains

Many were left stunned after seeing Bitcoin (BTC) achieve milestone upon milestone but witnessing altcoins like Ethereum (ETH), Ripple (XRP), and Cardano (ADA) fail to pump by a meaningful amount. Now, after three straight months of Bitcoin (BTC) dominance, it seems the altcoin market is ready to push back with a major inflow of investments [...]

2025-2-12 02:00