The Bitcoin (BTC) price has slipped down 2.3% so far today to reach $6,875. But the main support levels are still holding. Following a run-up to reaching just over $7,100 yesterday Bitcoin is now cooling off.
Bitcoin could find support at $6,500
Trading indicators analytics show that the next major support level for Bitcoin on the daily chart is around the $6,500 mark. BTC bulls are currently trying to hold the price above the 100SMA and 50SMA trend lines. Should the Bitcoin price today close above these support levels at around $6950 or above, this would be a very bullish sign for Bitcoin in the mid to short term. Once the support level is confirmed BTC is much more likely to try and test the 200SMA currently at around $7,700.
$7,700 BTC is still in play
But should the bears take control today and push BTC downwards to a close below the 100SMA and 50SMA support levels it is very likely that we will have to test the 21 SMA to find a support level at $6,500.
A fifth test of the $6000 support is also not yet out of the question. On the bright side, our Bitcoin price analysis shows that BTC has very strong support at the critical $6000 level, holding this potential “bottom” four times this year.
The Relative Strenght Index (RSI) indicator is still in the bullish zone at around 53, which also leaves BTC plenty of room for a potential pump to the $7,800 price mark.
The MACD has not yet indicated a bearish crossover but it is a good indicator to watch closely right now, in order to try and ascertain a potential move down.
To see a BTC/USD price chart live please click here.
Disclaimer: This article is for information and entertainment purposes only and should never be construed as investment or trading advice. Bitcoin and other cryptocurrencies can be extremely volatile and you should always do your due diligence and research on the topic, utility, product or service and legal and regulatory requirements before deciding to invest. We do not take any responsibility for possible losses you may incur.