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BTC/USD: Bitcoin slides; bulls attempts to take control at 6377.70

Denis Joeli Fatiaki Independent Analyst

BTC/USD: Bitcoin slides; bulls attempts to take control at 6377.70

What is going on with BTC/USD?

BTC/USD: Bitcoin dipped below 6408.60 in this morning's trades and now desperately attempts to hold at 6377.70 support. The recovery attempt could come to an end if the pair slips below 6377.70 support.

Our forecast

BTC/USD: Bitcoin has fallen below its 500 EMA in the 60 minutes time frame and could continue further down to 6275.30 and 6235.00 if it fails to maintain above at 6377.70. The pair could continue its consolidation if it gets back above 6408.60. The targets to the upside remain at 6555.70, 6627.95, and 6760.95

Support - 6377.70, 6341.80, 6275.30, and 6235.00

Resistance/ Target - 6474.75, 6555.70, 6627.95, and 6760.95

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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

Author

Denis Joeli Fatiaki

Independent Analyst

Denis Joeli Fatiaki possesses over a decade of extensive experience as a multi-asset trader and Market Strategist.

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