Bitcoin price has broken the key support level around $6540-6520, and now there is a risk of further decline, in which the level of support will drop to $6360.
In the last two days mainly observed vibrations below the resistance level of $6700. BTC/USD recently faced with the influx of the selling and fell below the support level of $6540. The price even fell below the support level at $6500 and 100 SMA. It seems that the efforts of the buyers is not enough to consolidate above $6620, which led to “bear” break.
The recent “triangle” has been broken at $6520 schedule: BTC/USD with a time interval. The pair was trading towards the support level at $6400, forming a low at $6401. Currently, the rate is adjusted above the 23.6% Fibonacci retracement (from the recent decline from $6598 to $6401). It is possible that the adjustment will continue until the range of $6500-6520, which probably would correspond to a resistance level. In addition, there are two connecting line “bear” trend to the resistance level around $6520.
Looking at the chart, we can say that in the short term, bitcoin price may move higher, but previous support at $6520 is able to prevent the growth rate. On the other hand, a break below the recent low at $6401 able to push the price to the support level of $6360.
Talking about technical indicators
Convergence and divergence (MACD) on the chart with a time interval for the pair BTC/USD says about the return in the chart area.
The relative strength index (RSI) on the chart with a time interval is 30.
The main support level is $6400.
Major resistance is $6520.
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