{"id":355888,"date":"2018-10-31T09:28:18","date_gmt":"2018-10-31T09:28:18","guid":{"rendered":"https:\/\/ktsl888.com\/?p=355888"},"modified":"2024-06-11T13:32:15","modified_gmt":"2024-06-11T13:32:15","slug":"bitcoin-price-watch-btc-usds-next-leg-lower-likely","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/bitcoin-price-watch-btc-usds-next-leg-lower-likely\/","title":{"rendered":"Bitcoin Price Watch: BTC\/USD\u2019s Next Leg Lower Likely"},"content":{"rendered":"
Key Points<\/p>\n
Bitcoin price is under pressure below $6,300 against the US Dollar. BTC\/USD is likely preparing for the next downside break below $6,202.<\/em><\/p>\n Yesterday, we saw a major downside move<\/a> below the $6,350 support in bitcoin price against the US Dollar. The BTC\/USD pair declined heavily and broke the $6,240 support and the 100 hourly simple moving average. It traded as low as $6,202 and later started a short term correction. The price moved above the 23.6% Fib retracement level of the recent drop from the $6,433 high to $6,202 low.<\/p>\n However, the price struggled to move above the $6,300 resistance. More importantly, there was no test of the 50% Fib retracement level of the recent drop from the $6,433 high to $6,202 low. At the moment, there is a major bearish flag forming with resistance at $6,310 on the hourly chart of the BTC\/USD pair. If the pair fails to stay above the flag support at $6,255, there could be a fresh decline towards the $6,202 low. If sellers remain in action, the price may even break the $6,202 low and trade towards the $6,150 level. On the flip side, a proper break above the flag resistance could push the price towards the $6,350 resistance and the 100 hourly SMA<\/a>.<\/p>\n <\/p>\nBitcoin Price Analysis<\/h3>\n