Bitcoin Analysis: BTCUSD Might Test $6,250 Levels

November 13, 2018 | AtoZ Markets

Bitcoin price is trading below $6,350 level with the 24 hours volume of $202.53M, in accordance with data. At the time of press, the coin has a market cap of $111.48 Billion.

In the last 1 Week, the price of the coin has moved by $ -87.05 (-1.35%) with a total volume of over $ 1.53 Billion. The highest price of Bitcoin, $ 6,562.79, was on Wednesday, 07 November 2018 at 04:00 GMT. The lowest price, $ 6,315.58 , was on Tuesday, 13 November 2018 at 04:00 GMT.

Bitcoin Technical Analysis

Bitcoin price after trading as high as $6,550 level started a major downside correction against the USD. The BTCUSD pair traded below the $6,440 and $6,400 support levels to move into a bearish zone. The price of the coin even settled below the $6,400 support and the 100 hourly SMA. Soon the sellers managed to push the price towards the $6,250 support before buyers appeared near $6,260 zone.

Also, the 100 SMA line is below the 200 SMA line which indicates that the path of least resistance is towards the downside direction. Thus, traders might experience bearish pull in upcoming days.

Looking at the weekly chart, a low was formed at $6,275 and later the price of the coin corrected higher. It moved above the 23.6% Fibonacci retracement level of the last drop from the $6,553 highs to $6,257 lows. Moreover, there was a break above a connecting bearish trend line with resistance at $6,360 on the hourly chart of the BTCUSD pair. However, the upside move was capped by the $6,380 level and the 100 hourly SMA.

Moreover, it seems like the price of the coin might decline once again if there is a break below $6,340 and $6,320 levels. In the above mentioned case, the price of Bitcoin might even trade below the $6,275 low and form a new weekly low.

Looking at the chart, Bitcoin price needs to move past $6,380 and $6,400 to recover further. The next resistance is near $6,440 and the 61.8% Fibonacci retracement level of the last drop from the $6,553 high to $6,257 low.

  • RSI(14) is valued below 50 which signals "Sell" action in daily time-frame.
  • William%R – Sell signal on the daily time-frame.
  • MACD(12,26) – Sell signal in daily charts.
  • ATR(14) – signals that BTC is highly volatile.

Bitcoin Pivot Points

Bitcoin price is sustaining a strong daily support near $6,420 and resistance near $6,480 levels.

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