BTC/USD: Bitcoin fell below 500 EMA but bounced at the longterm trend line.

BTC/USD: Bitcoin fell below 500 EMA but bounced at the longterm trend line.

What is going on with BTC/USD?

BTC/USD: Bitcoin failed to hold above 6585.95 as indicated in yesterdays update and fell to its 500 EMA at 6550.00 in the 60 minutes time frame. The pair bounced at its 500 EMA at 6550.00 and attempted to get back into the price channel but failed at 6585.95 and was pushed back to its 500 EMA in today's trades. Bitcoin accelerated to the downside after it fell below its 500 EMA at 6550.00

Our forecast

BTC/USD: Bitcoin continued down below its 500 EMA and touched its longterm trend line at 6454.85 which was highlighted in red colour in the previous update. The pair managed to bounce at 6454.85 in the 60 minutes time frame and pushed its way back up towards 6492.10. Bitcoin needs to break and hold above 6492.10 to head back up. Failure to hold at 6474.75 could push Bitcoin prices down to 6454.85
 

Support - 6474.75, 6454.85, and 6434.30

Resistance/ Target - 6492.10, 6520.00, and 6550.00

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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