RATE Group | Bitcoin Price Watch: BTC/USD Facing Crucial Resistances
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Bitcoin Price Watch: BTC/USD Facing Crucial Resistances

19 Sep Bitcoin Price Watch: BTC/USD Facing Crucial Resistances

Posted at 11:12h in Bitcoin News by

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Key Points

  • Bitcoin price started an upside move after trading as low as $6,202 against the US Dollar.
  • There was a break above a key bearish trend line with resistance at $6,340 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could continue to move higher, but it is facing many hurdles near $6,390 and $6,400.

Bitcoin price recovered nicely from the $6,200 support against the US Dollar. BTC/USD is now above $6,300, but it could struggle near the $6,370, $6,390 and $6,400 levels.

Bitcoin Price Analysis

After trading as low as $6,202, bitcoin price found strong bids against the US Dollar. The BTC/USD pair started an upside move and climbed above a few key resistances like $6,280 and $6,300. The price cleared the 23.6% Fib retracement level of the last slide from the $6,530 swing high to $6,202 low. It opened the doors for more gains and the price spiked towards the $6,390 and $6,400 resistances.

There was a test of the 50% Fib retracement level of the last slide from…

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