Bitcoin Price Weekly Analysis: BTC/USD Could Test $6,390 Before Lower

Key Points


Bitcoin price found support near the $6,100 level and corrected higher against the US Dollar.
There is a major bearish trend line in place with resistance at $6,325 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair must break the $6,325 and $6,390 resistance levels to move into a positive zone.

Bitcoin price is currently correcting higher against the US Dollar. BTC/USD is likely to face a strong selling interest near the $6,380-6,390 resistance area.

Bitcoin Price Analysis

This past week, bitcoin price saw a solid increase in selling pressure around the $6,600 zone against the US Dollar. As a result, there was a nasty decline and the BTC/USD pair fell below the $6,400 and $6,200 support levels. The price traded towards the $6,100 level and formed a low at $6,093. Later, the price started an upside correction and moved above the $6,200 resistance.

There was a break above the 23.6% Fib retracement level of the last slide from the $6,686 high to $6,093 low. At the outset, it is following an ascending channel with resistance at $6,320. Above this, there is a major bearish trend line in place with resistance at $6,325 on the 4-hours chart of the BTC/USD pair. Finally, the $6,380-6,390 is a crucial resistance zone (the previous support). It also represents the 50% Fib retracement level of the last slide from the $6,686 high to $6,093 low. Therefore, if the price continues to move higher, bitcoin buyers are likely to struggle near the $6,380-6,390 zone.

Looking at the chart, BTC price needs to settle above $6,380-6,390 and then $6,400 to move into a positive zone. If it fails, there could be a fresh downside move back towards the $6,200 and $6,100 supports. Below these supports, the price could be at a risk of a bearish break below the $6,000 handle.

Looking at the technical indicators:

4-hours MACD The MACD for BTC/USD is slowly moving in the bullish zone.

4-hours RSI (Relative Strength Index) The RSI is currently just above the 40 level.

Major Support Level $6,100

Major Resistance Level $6,390

The post Bitcoin Price Weekly Analysis: BTC/USD Could Test $6,390 Before Lower appeared first on NewsBTC.

14.10.2018 / 00:35 12
Bitcoin Cash Price Weekly Analysis: BCH/USD Sell on Rallies Near $470 Bitcoin Cash Price Weekly Analysis:
Key Points Bitcoin cash price found support near the $420 level and later recovered against the US Dollar. There is a key bearish trend line formed
Ethereum Price Analysis: ETH/USD Facing Key Resistance Near $215 Ethereum Price Analysis: ETH/USD Facing
Key Highlights ETH price started a short term upside correction after trading as low as $185 against the US Dollar. There is a crucial bearish trend
Ethereum Price Analysis: ETH/USD Turned Bearish Below $285-290 Ethereum Price Analysis: ETH/USD Turned
Key Highlights ETH price is under a lot of pressure as it broke the $290 and $285 supports against the US Dollar. There is a major bearish trend line
Ethereum Price Weekly Analysis: ETH/USDs Upsides Capped Near $320 Ethereum Price Weekly Analysis:
Key Highlights ETH price corrected higher recently and traded above $310 and $315 against the US Dollar. There is a key connecting bearish trend line
Bitcoin Cash Price Weekly Analysis: BCH/USD Bullish Above $820 Bitcoin Cash Price Weekly Analysis:
Key Points Bitcoin cash price corrected lower and tested the $740 support area against the US Dollar. There is a major bullish trend line in place
Ethereum Price Weekly Analysis  ETH/USD Could Break Down Ethereum Price Weekly Analysis
Key Highlights ETH price is under a lot of selling pressure and it remains below the $750 level against the US Dollar. There is a key connecting
Comments (0)
Add a comment
Comment on