Bitcoin Price Watch: BTC/USD Broke Key Supports, Turns Bearish

Bitcoin Price Analysis
Yesterday, we discussed that bitcoin price could gain momentum if it breaks the $6,570 resistance against the US Dollar. The BTC/USD pair failed to break the $6,570 and $6,600 resistance levels, and declined. It dropped sharply and broke many supports like $6,450, $6,300 and $6,280. It even settled below the $6,100 level and the 100 hourly simple moving average.

During the decline, yesterday’s highlighted key contracting triangle was breached with support at $6,350 on the hourly chart of the BTC/USD pair. It cleared the path for more losses and the price declined below the $6,000 support. A new monthly low was formed at $5,894 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $6,547 high to $5,894 low. Above $6,050 and $6,100, the next major resistance is near the $6,200-6,280 zone. Moreover, the 50% Fib retracement level of the last drop from the $6,547 high to $5,894 low is around the $6,220. Therefore, if the price corrects higher, it could face sellers near the $6,200 resistance area.

https://www.newsbtc.com/2018/08/14/bitcoin-price-watch-btc-usd-broke-key-supports-turns-bearish/