- Bitcoin price extended losses and declined below the $6,450 support level against the US Dollar.
- Yesterday’s highlighted key bullish trend line was broken with support at $6,435 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price declined below the $6,400 support and the 100 hourly simple moving average.
Bitcoin price is back to square one below $6,450 against the US Dollar. BTC/USD is now at a risk of more losses towards the $6,285 support.
Bitcoin Price Analysis
After three failed attempts to break the $6,485-6,490 resistance, bitcoin price declined against the US Dollar. The BTC/USD pair faced a lot of selling pressure as it declined below the $6,450 support. During the slide, the price broke the 61.8% Fib retracement level of the last wave from the $6,151 low to $6,823 high. Besides, there was a break below the $6,400 support and the 100 hourly simple moving average.
More importantly, yesterday’s highlighted key bullish trend line was broken with support at $6,435 on the hourly chart of the BTC/USD pair. The pair traded towards the $6,350 level and it is currently consolidating losses. The next support is around the $6,310 level. It represents the 76.4% Fib retracement level of the last wave from the $6,151 low to $6,823 high. Below this, the price will most likely drop towards the main support at $6,285 (the previous resistance). Any further losses will most likely put sellers in control for a push towards $6,110.
Looking at the chart, bitcoin price is currently in a bearish zone below $6,450 and the 100 hourly SMA. To bounce back, the price must break the $6,450 and $6,485 resistance levels. If not, there is a significant risk of further slides towards the $6,285 support in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is now well below the 40 level.
Major Support Level – $6,285
Major Resistance Level – $6,450
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