Bitcoin cost slumped recently and measured the $6,350 -6 0 patronage orbit against the U s dollars. There is a major bearish trend line worded with defiance at $6,410 on the hourly plot of the BTC/ USD duet( data feed from Kraken ). The cost is likely wording a doubled bottom blueprint near the $6,350 -6 0 substantiate area.
Bitcoin price bounced back aggressively from $6,360 against the US Dollar. BTC/ USD could intensify higher once there is a disintegrate above the $6,410 resistance.
Bitcoin Price Analysis
Yesterday, there was a downside reaction from the $6,460 position in bitcoin price against the US Dollar. The BTC/ USD duo came below the $6,400 and $6,410 patronage degrees. There was also a close below the $6,400 reinforce and the 100 hourly simple moving norm. The wane was such that the price retested the $6,350 -6 0 help area. There was a strong buying fascinate surfaced near $6,360, arising in a fresh upward move.
The price ricochetted back sharply and moved above the $6,390 tier. There was also a smash above the 23.6% Fib retracement stage of the recent diminish from the $6,465 high-pitched to $6,355 low-grade. The current price action was indicated that BTC is likely organizing a doubled freighter pattern near the $6,350 -6 0 endorsement locality. On the upside, there is a major bearish trend line worded with fight at $6,410 on the hourly show of the BTC/ USD pair. The same trend line is near the 100 hourly SMA and the 50% Fib retracement level of the most recent recession from the $6,465 high-pitched to $6,355 low.
Looking at the chart, bitcoin rate will most likely intensify incomes once there is a suitable close above $6,410 and the 100 hourly SMA. Moreover, if the double freighter structure is valid, the expenditure could even break the $6,465 high-pitched to market significantly higher.
Looking at the technical gauges 😛 TAGEND
Hourly MACD- The MACD for BTC/ USD is about to move back in the bullish zone.
Hourly RSI( Relative Strength Index)- The RSI is just near the 50 level.
Major Support Level- $6,360
Major Resistance Level- $6,410
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