RATE Group | Bitcoin Price Watch: BTC/USD Could Correct Lower To $6,400
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Bitcoin Price Watch: BTC/USD Could Correct Lower To $6,400

14 Sep Bitcoin Price Watch: BTC/USD Could Correct Lower To $6,400

Posted at 11:16h in Bitcoin News by

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Key Points

  • Bitcoin price traded further higher above the $6,450 and $6,510 resistances against the US Dollar.
  • There is a short term ascending channel in place with support at $6,505 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely forming a double top pattern near the $6,600 resistance.

Bitcoin price gained traction above $6,450 and tested $6,600 against the US Dollar. BTC/USD is currently struggling to clear $6,600 and it may correct lower in the short term.

Bitcoin Price Analysis

Yesterday, we saw an upside break above the $6,320 resistance in bitcoin price against the US Dollar. The BTC/USD pair gained traction and it climbed above the $6,450 and $6,510 resistance levels. There was a positive price action developed above the $6,500 level and the 100 hourly simple moving average. The price even tested the $6,600 level where sellers emerged.

The chart indicates that the price tested the $6,600 resistance on two occasions and failed. This means there is…

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