RATE Group | Bitcoin Price Intraday Analysis: BTC/USD Reaches Key Support
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Bitcoin Price Intraday Analysis: BTC/USD Reaches Key Support

29 Sep Bitcoin Price Intraday Analysis: BTC/USD Reaches Key Support

Posted at 19:18h in Bitcoin News by

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Bitcoin price altcoins

Bitcoin price on Saturday found a key support area near $6,464 after closing on the same level the previous day.

The BTC/USD today rose as much as 2.5 percent from the intraday low in an upside correction attempt. Yesterday, the pair had broken below a critical near-term ascending trendline to target 6466-fiat as its primary downside, as was predicted here. It was the same level at where traders went long towards 6500-6600-fiat area, causing a corrective bounce back. By the time the market reached the mid-European session, BTC/USD had established an intraday high towards 6617-fiat. As of now, the pair looks to be extending the correction trend, with an aim for a breakout above 6600-fiat.

BTC/USD Technical Analysis

Following the invalidation of the near-term ascending trendline, and a subsequent breakdown towards 6464-fiat, BTC/USD downside target is now shifted to the medium-term ascending trendline depicted in black. The 100H SMA in blue is also crawling closer to its 200H…

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