Bitcoin

Bitcoin Price Analysis: Looking To Buy BTC/USD?

23/10/2018

Bitcoin price found support near $6,355 and later started trading in a range against the US Dollar. BTC/USD remains supported near $6,355 and $6,320 for an upside break.

Important points

Bitcoin price is trading nicely above the $6,320 and $6,280 support levels.
BTC/USD is likely to find buying interest near a bullish trend line with support at $6,280 on the 2-hours chart.
BTC price must surpass the $6,440 and $6,490 resistance levels to gain traction.

Bitcoin price analysis

After a sharp downside, bitcoin price found support near the $6,355 level against the US Dollar. BTC/USDT traded as low as $6,354.24 before it started consolidating losses in a tiny range.

The 2-hour chart indicates that the price found a strong support near the $6,355 level and the 100 simple moving average (2-hours). It recovered a few points and traded above the $6,420 level.

However, the price failed to gain bullish momentum above the 23.6% Fib retracement level of the recent drop from the $6,752 high to $6,354 low. It seems like there is a major range formed above the $6,355 support level.

The range resistance is near the $6,490 and $6,500 levels. An immediate resistance is around a connecting bearish trend line at $6,445 on the same chart. If bitcoin buyers push the price above the trend line and the $6,490 range resistance, there could be a decent rally towards the $6,700 level.

An intermediate resistance is near the $6,600 level and the 61.8% Fib retracement level of the recent drop from the $6,752 high to $6,354 low.

On the flip side, if the price breaks the range support at $6,355, it could test the $6,320 or $6,300 supports. There is also a major bullish trend line with support at $6,280 on the same chart.

Therefore, if bitcoin price slides from the current levels, buyers are likely to take a stand near the $6,355, $6,320 or $6,280 levels. Below these supports, sellers will most likely take control and the price could even slide towards the $6,080 level. An intermediate support is around the $6,160 level.