Bitcoin Price Watch: BTC/USD Trading Near Major Inflection Point
- Bitcoin price declined further and traded below the $6,440 support against the US Dollar.
- Yesterday’s highlighted key bullish trend line with support at $6,445 was breached on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The price tested the next important support at $6,375 and later started consolidating losses.
Bitcoin price failed to stay above the $6,440 support against the US Dollar. BTC/USD is currently consolidating above the $6,375 support with bearish moves.
Bitcoin Price Analysis
Recently, bitcoin price started a downside correction and traded below the $6,500 support against the US Dollar. The BTC/USD pair declined and broke the $6,475 and $6,440 support levels. Moreover, there was a close below the $6,440 support and the 100 hourly simple moving average. The decline was such that the price surpassed the 76.4% Fib retracement level of the last leg from the $6,370 swing low to $6,553 high.
More importantly, yesterday’s highlighted key…
Read Full Story : NewsBTC