Bitcoin Price Analysis: BTC/USD Turned Short Term Bearish

Bitcoin price failed to hold gains above the $6,480 support and declined against the US Dollar. BTC/USD moved into a short term bearish zone below $6,480 and $6,460.

Important Points:

  • Bitcoin price declined recently and settled below the $6,480 support level.
  • BTC/USD broke two major bullish trend lines with support at $6,510 and $6,480 on the 2-hours chart.
  • BTC price could correct higher, but it could face sellers near the $6,480 and $6,500 levels.

Bitcoin Price Analysis

After topping around the $6,617 level, bitcoin price started a downside move against the US Dollar. BTC/USD declined slowly and steadily below the $6,540 and $6,500 support levels.

The 2-hours chart indicates that the price failed to stay above a couple of important supports near the $6,480 level and it also settled below the 100 simple moving average (2-hours).

Bitcoin Price
chart Source by TradingView

Sellers took control recently and pushed the price below the 50% Fib retracement level of the last wave from the $6,345 low…

Read Full Story : Coingape

2018-11-09 13:27:16

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