Bitcoin Price Watch: BTC/USD Could Correct Lower To $6,400

Key PointsBitcoin worth traded additional increased above the $6,450 and $6,510 resistances towards the US Dollar.There is a brief time period ascending channel in place with assist at $6,505 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).The pair is probably going forming a double high sample close to the $6,600 resistance.Bitcoin worth gained traction above $6,450 and examined $6,600 towards the US Dollar. BTC/USD is at present struggling to clear $6,600 and it could right decrease within the brief time period.Bitcoin Price AnalysisYesterday, we noticed an upside break above the $6,320 resistance in bitcoin worth towards the US Dollar. The BTC/USD pair gained traction and it climbed above the $6,450 and $6,510 resistance ranges. There was a optimistic worth motion developed above the $6,500 degree and the 100 hourly easy transferring common. The worth even examined the $6,600 degree the place sellers emerged.The chart signifies that the worth examined the $6,600 resistance on two events and failed. This means there’s a probability of a double high sample forming close to $6,600. On the draw back, an preliminary assist is close to the $6,510 degree. It is near the 23.6% Fib retracement degree of the latest leg from the $6,200 swing low to $6,600 excessive. Moreover, there’s a brief time period ascending channel in place with assist at $6,505 on the hourly chart of the BTC/USD pair. If the pair breaks the channel assist, it could decline in direction of $6,400. The $6,400 assist is necessary since it’s the 50% Fib retracement degree of the latest leg from the $6,200 swing low to $6,600 excessive.Bitcoin Price Analysis BTC ChartLooking on the chart, bitcoin should break the $6,600 resistance quickly. If not, the worth may right decrease in direction of $6,510 or $6,400 within the close to time period. Above $6,600, the worth might climb in direction of $6,720 and $6,750.Looking on the technical indicators:Hourly MACD – The MACD for BTC/USD is slowly transferring within the bullish zone.Hourly RSI (Relative Strength Index) – The RSI is presently positioned properly above the 60 degree.Major Support Level – $6,400Major Resistance Level – $6,600Original article first appeared in https://www.newsbtc.com/2018/09/14/bitcoin-price-watch-btc-usd-could-correct-lower-to-6400/

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