RATE Group | Bitcoin Price Watch: BTC/USD Could Resume Uptrend Above $6,440
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Bitcoin Price Watch: BTC/USD Could Resume Uptrend Above $6,440

06 Nov Bitcoin Price Watch: BTC/USD Could Resume Uptrend Above $6,440

Posted at 14:00h in Bitcoin News by

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Key Points

  • Bitcoin price corrected lower recently after trading as high as $6,472 against the US Dollar.
  • There is a major bullish trend line in place with support at $6,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is positioned for the next wave, which could be above the $6,420 resistance.

Bitcoin price is trading in a positive zone against the US Dollar. BTC/USD could continue to move higher as long as it is above $6,375 support level.

Bitcoin Price Analysis

Yesterday, bitcoin price started a downside correction after trading as high as $6,472 against the US Dollar. The BTC/USD pair declined below the $6,440 and $6,420 support levels. It also broke the 50% Fib retracement level of the last leg from the $6,319 low to $6,472 high. However, the price is still trading well above the $6,375 support and the 100 hourly simple moving average.

The price recently tested the $6,370-6,375 area, which acted as a support. Besides, the 61.8% Fib retracement level of…

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