Bitcoin price started a downside correction after trading close to $6,620. BTC/USD could spike towards $6,480 before it starts a fresh upward move.

  • Bitcoin price traded as high as $6,615 recently and later corrected lower.
  • BTC/USD broke a contracting triangle support near the $6,540 level on the 30-minute chart.
  • The price is likely to dip towards the $6,480 or $6,445 support before a fresh bounce.

Bitcoin BTC Price

Bitcoin Price Analysis

This week, there were decent gains above the $6,500 resistance in bitcoin price. Buyers pushed the price above the $6,560 and $6,600 resistance levels before sellers appeared near the $6,615 level.

Bitcoin Price Analysis BTC Chart

Click to Enlarge Chart

Looking at the 30-minute chart of BTC/USD, the pair traded as high as $6,615 and later corrected lower. The price recently traded below the $6,570 level and the 25 simple moving average (30-minute) to slide into a short-term bearish zone.

During the slide, there was a break below the 50% Fib retracement level of the last wave from the $6,439 low to $6,615 high. More importantly, sellers pushed the price below a contracting triangle support near the $6,540 level on the same chart.



At the moment, the price is finding bids near the $6,500 level and the 61.8% Fib retracement level of the last wave from the $6,439 low to $6,615 high. Therefore, there could be a minor recovery towards the $6,550 level or the 25 SMA.

However, the price is likely to face sellers near the 25 SMA or $6,560. It seems like there could be another downside spike towards the $6,480 or $6,445 before the price prepares for a fresh upward move in the coming sessions.

On the upside, a proper close above the $6,560 level and the 25 SMA could open the doors for further upsides. Finally, above $6,600 and $6,615, the price will most likely test the $6,680 level.

Overall, bitcoin price is trading with a bullish bias as long as there is no close below $6,445. On the upside, the $6,560, $6,600 and $6,680 could be targets for buyers in the coming sessions.

The market data is provided by TradingView, Bitfinex.

Posted by Latika Mehrotra

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities.


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