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Bitcoin Price Analysis: BTC/USD subject to selling pressure under $6500 barrier

  • Bitcoin price is trading in negative territory, down 2.50% in the second half of the session. 
  • The price is pushing for another big retest of a breached bearish flag structure. 
  • Upside is extremely limited by a barrier of resistance, at the $6500-$7000 price range. 
Bitcoin Price Analysis: BTC/USD subject to selling pressure under $6500 barrier
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

The price remains within consolidation mode, moving within a rising channel formation, at risk of breakout. 

BTC/USD 60-minute chart

Price action broke out and retested a breached 60-minute pennant pattern. 

Spot rate:                 6468.12

Relative change:     -2.50%

High:                        6437.11

Low:                         6182.27

BTC/USD

Overview
Today last price6261.6
Today Daily Change-161.61
Today Daily Change %-2.52
Today daily open6423.21
 
Trends
Daily SMA205960.43
Daily SMA507927.08
Daily SMA1008173.02
Daily SMA2008248.38
 
Levels
Previous Daily High6525.83
Previous Daily Low6338.56
Previous Weekly High6983.8
Previous Weekly Low5683.95
Previous Monthly High9215.51
Previous Monthly Low3886.49
Daily Fibonacci 38.2%6454.29
Daily Fibonacci 61.8%6410.1
Daily Pivot Point S16332.57
Daily Pivot Point S26241.93
Daily Pivot Point S36145.3
Daily Pivot Point R16519.84
Daily Pivot Point R26616.47
Daily Pivot Point R36707.11

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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Bitcoin Price Analysis: BTC/USD subject to selling pressure under $6500 barrier