Bitcoin premium diminished and tested the $6,200 -6, 220 foundation sphere against the US Dollar. There is a major bearish trend line forming with defiance near $6,480 on the hourly chart of the BTC/ USD duet( data feed from Kraken ). The duet is currently chastening higher, but it could struggle to move past $6,480 and $6,500.
Bitcoin price failed to move above $6,600 recently and diminished against the US Dollar. BTC/ USD is retrieving, but it may possibly continue to face dealers near $6,480.
Bitcoin Price Analysis
There was yet another flop near the $6,550 fighting in bitcoin toll against the US Dollar. The BTC/ USD pair transcended at $6,549 and started a downside move. It broke the $6,350 and $6,300 endorsement degrees. It traded close to the $6,200 where customers performed and protected more losings. A low-pitched was assembled at $6,222 before the premium started an upward move. The price recovered above $6,300 and the 38.2% Fib retracement statu of the last nosedive from the $6,549 high-pitched to $6,222 low.
On the upside, there is a key fight structured near $6,424, which is near the 100 hourly simple-minded moving average. There is also a major bearish trend line organizing with resist near $6,480 on the hourly chart of the BTC/ USD duet. The 61.8% Fib retracement elevation of the last descend from the $6,549 high to $6,222 low-pitched is also near the $6,420. Therefore, if the toll continues to move higher, it could find fight near the $6,480 and $6,550 elevations. Only a close above $6,550 followed by an interruption of $6,620 could erupt bullish moves in the very near term.
Looking at the chart, if bitcoin miscarries once again near the $6,550 opposition, it may well wane back to $6,300. Below this last-place, the rate is likely to visit the $6,200 carry area.
Looking at the technological indications 😛 TAGEND
Hourly MACD- The MACD for BTC/ USD is about to move back in the buoyant zone.
Hourly RSI( Relative Strength Index)- The RSI is moving higher towards the 50 level.
Major Support Level- $6,220
Major Resistance Level- $6,550
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