-Bitcoin news, price, information & analysis Bitcoin price is placed in an uptrend above $6,600 against the US Dollar. BTC/USD may perhaps resume its upside move once the current correction is complete.
Bitcoin price bounced sharply after forming a base near the $6,500 level against the US Dollar. The BTC/USD pair traded above the $6,600 and $6,700 resistance levels.
The upside wave was strong since the price traded to a new monthly high at $6,839. Later, the price started a downside correction and declined below $6,800.
There was a break below the 23.6% Fib retracement level of the last wave from the $6,504 low to $6,839 high. However, the decline found support near the $6,680 level, which was a resistance earlier.
Moreover, the 50% Fib retracement level of the last wave from the $6,504 low to $6,839 high also acted as a support. The price is currently consolidating and is well above the $6,600 support and the 100 hourly simple moving average. Read more from newsbtc.com…
thumbnail courtesy of newsbtc.com