-Bitcoin news, price, information & analysis Bitcoin price declined after it failed to break the $6,850 level against the US Dollar. BTC/USD is currently trading near a major support area at $6,560/50.
Yesterday, we saw a nice upward move above the $6,700 resistance in bitcoin price against the US Dollar. The BTC/USD pair even traded above the $7,800 resistance and settled above the 100 hourly simple moving average.
However, the price failed to break the $7,850 level, resulting in a bearish reaction. The price started a downside correction and declined below the $6,700 support area.
There was a break below the 50% Fib retracement level of the last wave from the $6,359 low to $6,849 high. Later, BTC buyers appeared above the $6,600 level and protected more losses.
More importantly, a major bullish trend line with support near $6,560 on the hourly chart of the BTC/USD pair stopped declines. Lastly, the 61.8% Fib retracement level of the last wave from the $6,359 low to $6,849 high also acted as a support along with the 100 hourly SMA. Read more from newsbtc.com…
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