Bitcoin price failed to move above the $6,400-6,410 resistance area against the US Dollar.There is a key bearish trend line in place with resistance at $6,405 on the hourly chart of the BTC/USD pair (data feed from Kraken).The price is currently trading below the $6,410 resistance and the 100 hourly simple moving average.
Bitcoin price is trading lower within range below $6,410 against the US Dollar. BTC/USD could revisit the $6,370 or $6,350 support levels if sellers gain control.
Bitcoin Price Analysis
Recently, there was a minor upside correction above the $6,400 resistance in Bitcoin price against the US Dollar. However, the BTC/USD pair failed to settle above the $6,400-6,410 resistance area. Later, there was a fresh decline below the $6,400 level and the 100 hourly simple moving average. The price broke the 50% Fib retracement level of the recent wave from the $6,356 low to $6,418 high.
However, the price found support near the $6,380 level. Moreover, the 61.8% Fib retracement level of the recent wave from the $6,356 low to $6,418 high also acted as a support. Besides, there is a bullish trend line formed with support at $6,380 on the hourly chart of the BTC/USD pair. If there is a downside break below the trend line, the price could decline back towards the $6,350-55 zone. On the upside, an initial resistance is near $6,400. There is also a key bearish trend line in place with resistance at $6,405 on the same chart.
Looking at the chart, Bitcoin price is struggling to gain momentum above $6,400 and $6,410. As long as there is no close above $6,410 and the 100 hourly SMA, the price could decline back towards the $6,355 level. On the upside, a break above $6,410 could push the price towards $6,460.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is slowly moving in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently just above the 40 level.
Major Support Level – $6,355
Major Resistance Level – $6,410