RATE Group | Bitcoin Price Watch: Break Below $6,390 Could Accelerate Losses
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Bitcoin Price Watch: Break Below $6,390 Could Accelerate Losses

23 Oct Bitcoin Price Watch: Break Below $6,390 Could Accelerate Losses

Posted at 11:52h in Bitcoin News by

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Key Points

  • Bitcoin price is trading above the important $6,390 support area against the US Dollar.
  • Yesterday’s highlighted major bullish trend line is intact with support at $6,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price must stay above the $6,390 support to avoid a downside break.

Bitcoin price is struggling to stay above $6,390 and $6,400 against the US Dollar. BTC/USD must clear the $6,430 and $6,450 resistance to climb higher.

Bitcoin Price Analysis

There was a slow and steady decline from the $6,450 swing high in bitcoin price against the US Dollar. The BTC/USD pair faced an increased selling pressure and declined below the $6,430 and $6,410 levels. There was also a close below the $6,430 level and the 100 hourly simple moving average. Besides, there was a spike below the $6,390 support and the price traded as low as $6,368.

Later, the price jumped back above $6,390 and it is currently consolidating. It tested the 50% Fib retracement level of the…

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