RATE Group | Bitcoin Price Weekly Analysis: BTC/USD Could Test $6,390 Before Lower
45560
post-template-default,single,single-post,postid-45560,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Price Weekly Analysis: BTC/USD Could Test $6,390 Before Lower

14 Oct Bitcoin Price Weekly Analysis: BTC/USD Could Test $6,390 Before Lower

Posted at 08:06h in Bitcoin News by

[ad_1]

Key Points

  • Bitcoin price found support near the $6,100 level and corrected higher against the US Dollar.
  • There is a major bearish trend line in place with resistance at $6,325 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair must break the $6,325 and $6,390 resistance levels to move into a positive zone.

Bitcoin price is currently correcting higher against the US Dollar. BTC/USD is likely to face a strong selling interest near the $6,380-6,390 resistance area.

Bitcoin Price Analysis

This past week, bitcoin price saw a solid increase in selling pressure around the $6,600 zone against the US Dollar. As a result, there was a nasty decline and the BTC/USD pair fell below the $6,400 and $6,200 support levels. The price traded towards the $6,100 level and formed a low at $6,093. Later, the price started an upside correction and moved above the $6,200 resistance.

There was a break above the 23.6% Fib retracement level of the last slide from the $6,686 high to $6,093…

[ad_2]

Source link

Tags:
, , , , , ,