Bitcoin Price Watch: BTC/USD Remains Sell On Rallies Near 100 SMA

Key Points

Bitcoin rate waned further and traded below the $6,275 endorsement level against the U s dollars. There are two bearish trend lines formed with fight at $6,300 and $6,340 on the hourly map of the BTC/ USD pair( data feed from Kraken ). The expenditure is still in a risk of more losings below the $6,250 support in the very near word.

Bitcoin price is placed in a bearish zone against the U s dollars. BTC/ USD could recover, but upsides are likely to be capped all over the $6,340 level.

Bitcoin Price Analysis

During the past three periods, there were bearish moves below $6,350 in bitcoin price against the US Dollar. The BTC/ USD pair diminished recently and broke the $6,300 and $6,275 subscribe ranks. There was even a spiked below the $6,250 subscribe and the expenditure formed a brand-new monthly low-spirited at $6,239. The expenditure recovered a few points above $6,275, but it is still well below the 100 hourly simple moving average.

An initial obstacle for purchasers is near the 50% Fib retracement stage of the most recent drop from the $6,375 high to $6,239 low-pitched. More importantly, there are two bearish trend lines structured with resist at $6,300 and $6,340 on the hourly show of the BTC/ USD pair. Below the second trend line, the 100 hourly SMA is arranged at $6,325. Besides, the 61.8% Fib retracement grade of the most recent sag from the $6,375 high-pitched to $6,239 low-toned is near $6,323. Therefore, if the price redress higher from the current status, it is likely to find a strong exchanging affair near $6,320 and $6,340.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin cost is clearly in a bearish zone below the $6,350 pivot level. On the downside, an initial patronage is near $6,240, below which the expenditure could slide towards the $6,200 support.

Looking at the technical indicators ūüėõ TAGEND

Hourly MACD- The MACD for BTC/ USD is somewhat placed in the bullish zone.

Hourly RSI( Relative Strength Index)- The RSI is currently really near the 50 level.

Major Support Level- $6,340

Major Resistance Level- $6,240

The post Bitcoin Price Watch: BTC/ USD Remains Sell On Rallies Near 100 SMA emerged firstly on NewsBTC.

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