BTC/USD: BTC is now down to its last line of defence at its 500 EMA
|BTC/USD: BTC is now down to its last line of defence at its 500 EMA
What is going on with BTC/USD?
BTC/USD: BTC broke through 6460.00 resistance but failed to continue at 6474.75 and pulled back to 6380.85. BTC managed to get back above 6409.30 support in today's session but struggles to remain above 6409.30. BTC has spent the last three hours consolidating between 6409.30 resistance and 6380.85 support.
Our forecast
BTC/USD: BTC currently trades at 6402.52 and needs to maintain its position above 6409.30 to head back up to 6437.85. BTC is on the verge of falling into bearish territory. BTC needs to remain above 6380.85 to maintain its bullish trend. BTC could continue down to 6364.80 and 6342.10 if it fails at 6380.85
Support /Short-6380.85, 6364.80, 6342.10, and 6325.10
Resistance/ Target - 6409.30, 6437.85, 6460.00, and 6474.75
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Chart 1: The short-term view of the BTC/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the BTC/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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