RATE Group | Bitcoin Price Watch: BTC/USD Trading Near Major Inflection Point
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Bitcoin Price Watch: BTC/USD Trading Near Major Inflection Point

09 Nov Bitcoin Price Watch: BTC/USD Trading Near Major Inflection Point

Posted at 12:10h in Bitcoin News by

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Key Points

  • Bitcoin price declined further and traded below the $6,440 support against the US Dollar.
  • Yesterday’s highlighted key bullish trend line with support at $6,445 was breached on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price tested the next important support at $6,375 and later started consolidating losses.

Bitcoin price failed to stay above the $6,440 support against the US Dollar. BTC/USD is currently consolidating above the $6,375 support with bearish moves.

Bitcoin Price Analysis

Recently, bitcoin price started a downside correction and traded below the $6,500 support against the US Dollar. The BTC/USD pair declined and broke the $6,475 and $6,440 support levels. Moreover, there was a close below the $6,440 support and the 100 hourly simple moving average. The decline was such that the price surpassed the 76.4% Fib retracement level of the last leg from the $6,370 swing low to $6,553 high.

More importantly, yesterday’s highlighted key bullish…

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