RATE Group | Bitcoin Price Weekly Analysis: BTC/USD Remains At Risk Below $6,300
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Bitcoin Price Weekly Analysis: BTC/USD Remains At Risk Below $6,300

11 Nov Bitcoin Price Weekly Analysis: BTC/USD Remains At Risk Below $6,300

Posted at 08:52h in Bitcoin News by

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Key Points

  • Bitcoin price started a downside correction after climbing as high as $6,554 against the US Dollar.
  • There was a break below a major bullish trend line with support at $6,420 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently at a risk of more losses below the $6,300 support area in the near term.

Bitcoin price is under pressure below $6,400 against the US Dollar. BTC/USD could decline towards $6,280 or $6,250 if sellers remain in control.

Bitcoin Price Analysis

This past week, we saw a decent upward move above the $6,400 and $6,500 levels in bitcoin price against the US Dollar. The BTC/USD pair traded towards the $6,550 level and settled above the 100 simple moving average (4-hours). A fresh monthly high was formed at $6,554 and later the price corrected lower sharply. It broke the $6,500 and $6,440 support levels to move back in a bearish zone.

The price also breached the 50% Fib retracement level of the last wave from the $6,202 low to…

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