RATE Group | Bitcoin Price Weekly Analysis: BTC/USD Failed Again Near $6,600, Now What?
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Bitcoin Price Weekly Analysis: BTC/USD Failed Again Near $6,600, Now What?

19 Aug Bitcoin Price Weekly Analysis: BTC/USD Failed Again Near $6,600, Now What?

Posted at 08:31h in Bitcoin News by

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Key Points

  • Bitcoin price rebounded and moved above the $6,400 level, but it failed near $6,600 against the US Dollar.
  • There was a break below a major bullish trend line with support at $6,460 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains in a broad range between $6,000 and $6,600, and it may continue to trade sideways.

Bitcoin price failed once again near the $6,600-6,620 resistance against the US Dollar. BTC/USD is correcting lower and it could test the $6,275 and $6,188 supports.

Bitcoin Price Range Trading

This past week, there was a nice upward move from the $5,900 swing low in bitcoin price against the US Dollar. The BTC/USD pair traded above the $6,300 and $6,500 resistance levels. However, the price failed yet again near a significant resistance at $6,600-6,620. The stated resistance zone prevented gains above $6,650 and the 100 simple moving average (4-hours). As a result, the price declined and moved below the $6,500 level.

There was a break…

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