RATE Group | Bitcoin Price Watch: BTC/USD Remains Vulnerable Below $6,450
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Bitcoin Price Watch: BTC/USD Remains Vulnerable Below $6,450

19 Oct Bitcoin Price Watch: BTC/USD Remains Vulnerable Below $6,450

Posted at 10:05h in Bitcoin News by

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Key Points

  • Bitcoin price extended losses and declined below the $6,450 support level against the US Dollar.
  • Yesterday’s highlighted key bullish trend line was broken with support at $6,435 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price declined below the $6,400 support and the 100 hourly simple moving average.

Bitcoin price is back to square one below $6,450 against the US Dollar. BTC/USD is now at a risk of more losses towards the $6,285 support.

Bitcoin Price Analysis

After three failed attempts to break the $6,485-6,490 resistance, bitcoin price declined against the US Dollar. The BTC/USD pair faced a lot of selling pressure as it declined below the $6,450 support. During the slide, the price broke the 61.8% Fib retracement level of the last wave from the $6,151 low to $6,823 high. Besides, there was a break below the $6,400 support and the 100 hourly simple moving average.

More importantly, yesterday’s highlighted key bullish trend line was broken with…

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