Bitcoin price analysis: Brushes shoulders with $6,600; declines find support at $6,400


  • A classic falling wedge pattern forming; breakout expected in the medium-term.
  • The 100 SMA support seems to hold at the moment but the support at $6,400 is very essential.

Bitcoin price is forming a classic falling wedge pattern with the trendline limiting gains on the upside. The asset is battling to detangle from the selling pressure that has kept it bleeding for the most part of the week. The slight correction from the support at $6,200 was a statement that the investors have calmed down following the U.S. SEC decision to delay Bitcoin ETFs approval or denial to end of September. Investors have been reacting to the news as the price fall in yet another selloff that has seen Bitcoin stare right at $6,000.

At the time of writing, Bitcoin is trading between the moving average support and resistance. Where the short-term 50 SMA is standing in the way of upside retracement at $6,500. On the other hand, the 100 SMA is offering immediate support at $6,438.8. The bullish trend in the afternoon (GMT) trading session on Thursday broke above $6,400, came into a struggle at $6,500 and later before the close of the session attacked $6,600, although failed to break above the resistance.

The declines that followed during the Asian trading hours have found a support at $6,400 but BTC/USD is currently trading at $6,459. Bitcoin has the potential to recoil above $6,500, a move that will see it breakout further towards $6,600. The next supply zone at $6,737.4 is the ultimate intraday resistance. Nevertheless, if the price declines below $6,400, a breakdown is likely to take the price back to the drawing board at $6,200 and in this case, $6,000 would be well within reach.

BTC/USD 15' chart

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

XRP drops below $0.3000, ETH at risk of an extended correction

BTC/USD hit the intraday low at $11,086 during early Asian hours and recovered to $11,226 by press time. The first digital coin has stayed mostly unchanged on a day-to-day basis and since the beginning of the day, moving within a short-term bullish trend amid shrinking volatility.

More Bitcoin News

XRP/USD under $0.3000 after Ripple announces the investment in XRPL Lab

Ripple's XRP dropped below $0.30 after a failed attempt to settle above $0.3200 during early Asian hours. The coin has lost over 4% in the recent 24 hours and stayed mostly unchanged since the beginning of the day. 

More Ripple News

Leading blockchain auditing firm predicts Cardano will outperform Tezos

ADA/USD bulls remained in control for the third straight day and the price is consolidating in a pennant formation. It’s current priced at $0.1443. The Elliott Oscillator has had seven straight red sessions.

More Cardano News

Altcoin Market Update: ETC and XLM face continual bearish correction

ETC/USD bears stayed in control for the fourth straight day. ETC/USD is currently priced at $7.13. The sellers are looking to get the price below the $7-level.The RSI is trending horizontally around 59.46.

More Cryptocurrencies News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: Fasten your seatbelts, next stop is $12,000

Bitcoin has had its best week since mid-2019. The first digital currency gained over 18% in a single week and hit the new highest level of 2020. At the time of writing, BTC/USD is changing hands at $11,358 and the upside momentum is gaining traction as Bitcoin bulls are pushing at the upper line of the weekly Bollinger Band. 

Read the weekly forecast

BTC

ETH

XRP