Analysis Editor's Picks

Weekly analysis of bitcoin exchange rate

Bitcoin exchange rate began to be adjusted after reaching the level of $6554. Support the rising trend line was broken in the neighborhood of $6420 in four-hour chart of the pair BTC/USD. In the near future, BTC is in danger to fall below $6300.

This week it was possible to observe a substantial recovery of the cryptocurrency market, and bitcoin in particular. Course the world’s largest cryptocurrency has risen above $6400 and $6500. Max was formed in the neighborhood of $6554, close to the simple moving average SMA 100 (four-hour chart), followed by correction.

It is especially important to note the fact of the break of the rising support trendline at $6420 (four-hour chart the pair BTC/USD). Consolidation has occurred above $6300. At the time of writing, the price for one bitcoin is equal to $6406. However, the risk of a further descent in the direction of $6200 still.

In order to return the situation into their own hands, bulls need a close above $6400. Otherwise, the correction will likely continue.

Convergence/divergence (MACD) for the pair BTC/USD moves in a bullish zone. The relative strength index (RSI) is below 50.

The main support level of $6280 and resistance is $6400.

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