HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin Just Rejected $6,600 and Its Vulnerable To a Short-Term Correction

Bitcoin 2020/03/31 07:28 by Aayush Jindal
Bitcoin is up more than 8% and it broke the $6,500 resistance area against the US Dollar. BTC price is now struggling to clear $6,600 and it could correct lower in the short term. Bitcoin gained bullish momentum above the $6,200 and $6,400 levels against the US Dollar. The price topped near the $6,640 level and it is currently correcting lower. There is a connecting bullish trend line forming with support near $6,420 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could correct lower towards the $6,280 area if it breaks the trend line support. Bitcoin Gains 8% After a successful close above the $6,000 area, bitcoin price formed a support base against the US Dollar. As a result, BTC price started a steady increase above the $6,200 resistance and the 100 hourly simple moving average. The price gained pace and traded above the $6,400 pivot area. It is up more than 8% and it even climbed above the $6,500 resistance. A high is formed near the $6,641 level and it seems like the price is struggling to gain strength above $6,600. Bitcoin is currently correcting lower and trading below the $6,500 level. It broke the 23.6% Fib retracement level of the recent rally from the $5,846 low to $6,641 high. On the downside, an initial support is near the $6,400 area. There is also a connecting bullish trend line forming with support near $6,420 on the hourly chart of the BTC/USD pair. Bitcoin Price Below the trend line support, the price could test the $6,300 area and the 100 hourly SMA. The main support seems to be forming near the $6,240 level. It is close to the 50% Fib retracement level of the recent rally from the $5,846 low to $6,641 high. If the bulls fail to protect the $6,300 and $6,240 levels, there is a risk of another bearish wave. In the mentioned bearish case, the price could dive towards the $6,000 level. More Upsides? If bitcoin remains stable above $6,400 or $6,300, it could make another attempt to gain strength above the $6,600 resistance area. A successful close above the $6,600 level and a follow through above $6,640 may perhaps spark a decent upward move towards the $6,800 and $7,000 resistance levels. Technical indicators: Hourly MACD – The MACD is currently losing momentum in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting lower towards the 50 level. Major Support Levels – $6,400 followed by $6,300. Major Resistance Levels – $6,600, $6,640 and $6,800. Take advantage of the trading opportunities with Plus500 Risk disclaimer: 76.4% of retail CFD accounts lose money.

1 Like(s)



You should also read...

Bitcoin 02/04/20 07:28 by Aayush Jindal
Bitcoin Forming Another Bullish Breakout Pattern and It Could Rally To $7.2K
Bitcoin is up more than 4% and it broke the key $6,500 resistance area against the US Dollar. BTC price is forming a solid bullish trend and it could soon rally towards $7,000 or $7,200. Bitcoin star...
Read More
Bitcoin 03/04/20 07:28 by Aayush Jindal
Here’s Why Bitcoin Could Correct To $6.5K Before A Fresh Rally
Bitcoin surged above the $7,000 resistance and reached the $7,200 bullish target against the US Dollar. BTC price is currently correcting lower and it could test the $6,500 support area. Bitcoin rall...
Read More
Bitcoin 22/04/20 05:28 by Aayush Jindal
Bitcoin Poised For Short Term ‘Sell’ as Buyers Take Last Stand at $6,550
Bitcoin is currently consolidating above the $6,760 low against the US Dollar. BTC price could correct higher, but upsides are likely to face hurdles near $6,955 or $7,030. Bitcoin is showing signs o...
Read More
Bitcoin 11/05/20 05:38 by Aayush Jindal
This Simple Technical Pattern Could Resend Bitcoin Price Above $9,000
Bitcoin declined heavily from the $10,000 resistance against the US Dollar. BTC is currently correcting higher and it seems like the bulls are likely to push the price back above $9,000. Bitcoin foun...
Read More
Bitcoin 15/05/20 05:38 by Aayush Jindal
Bitcoin Just Saw Key Technical Correction But 100 SMA Can Trigger New Rally
Bitcoin traded as high as $9,950 and recently started a downside correction against the US Dollar. BTC price is likely to remains well supported above $9,000 and it could continue higher. Bitcoin is ...
Read More