Btc
Bitcoin Price Analysis: BTC/USD Trend Overwhelmingly Negative
Bitcoin price is under pressure below the $6,360 resistance against the US Dollar. BTC/USD could continue to decline towards the $6,150 and $6,120 levels.
Important points
Bitcoin is moving inside a tight range below the $6,360 resistance level.
BTC/USD seems to be following a declining channel with resistance at $6,340 on the 2-hours chart.
BTC price may dip in the short term towards the $6,150 and $6,120 support levels.
Bitcoin price analysis
Bitcoin price remained in a tight range during the past few sessions with a bearish angle below the $6,450 and $6,360 resistance levels against the US Dollar. BTC/USD recently failed to clear the $6,420 resistance, which resulted in a downside move.
The 2-hours chart of BTC price indicates that there was a slow and steady decline from the $6,443 swing high. The price broke the 50% % Fibonacci retracement level of the last wave from the $6,104 low to $6,443 high.
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