Bitcoin Price Watch: BTC/USD Broke Key Support

2018-6-29 11:28

Key Points Bitcoin price broke down and cleared a major support near the $6,000 level against the US Dollar. Yesterday’s highlighted declining channel with support at $5,950 was breached on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is now well below the $6,000 support and the 100 hourly simple moving average.

Bitcoin price moved into a bearish zone below $6,000 against the US Dollar. BTC/USD may perhaps extend its slide towards the $5,650 level in the near term.

Bitcoin Price Analysis

After trading in a key range above the $6,000 level, bitcoin price faced sellers against the US Dollar. The BTC/USD pair started a downside move and broke the $6,100 and $6,000 support levels. The decline was such that the price cleared the 61.8% Fib retracement level of the last leg from the $5,665 low to $6,338 high. It is now trading well below the $6,000 support and the 100 hourly simple moving average.

More importantly, yesterday’s highlighted declining channel with support at $5,950 was breached on the hourly chart of the BTC/USD pair. The pair traded as low as $5,789 and it is currently correcting higher. An initial resistance is near the 23.6% Fib retracement level of the last decline from the $6,345 high to $5,789 low. However, the most important resistance is near the $6,100 level and the 100 hourly SMA. It is close to the 50% Fib retracement level of the last decline from the $6,345 high to $5,789 low.

Looking at the chart, the price may correct a few points in the short term towards $6,000 and $6,100. However, it is likely to face sellers above $6,000. Therefore, there are high chances of it declining further below $5,780 to test the last swing low of $5,650.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is correcting from the oversold levels.

Major Support Level – $5,780

Major Resistance Level – $6,100

The post Bitcoin Price Watch: BTC/USD Broke Key Support appeared first on NewsBTC.

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Bitcoin Price Analysis: Major Support Broken on Expanding Volume and Spread

After weeks of consolidation, bitcoin finally broke through support. The market now finds itself cruising toward prior lows. On expanding volume and spread, the bitcoin market appears ripe for a continuation of the downtrend:Figure 1: BTC-USD, Daily Candles, Broken SupportAlthough the current daily candle has yet to close, unless there is a strong influx of demand hitting the market, it stands to reason that bitcoin will be closing a new daily low for the first time since mid-December.

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