Last week the Bitcoin price witnessed a decrease in its trading price after the sudden selling trend. Recently the BTC selling increased at $6,600 zone for BTC/USD. Because of this high selling trend, BTC/USD price fluctuated between $6,400 and $6000 price level.
The first decline was seen at $6,100 level and later moved down to $6,093. However, after a few hours, the price bounced back above $6,200, and Fib retracement level showed a break at 23.6%.
Furthermore, it is rising with $6,320 resistance level. A bearish trend can be seen above this resistance level recorded by fib retracement level. The price is gradually increasing at different resistance level with the 50% Fib retracement level between $6,680 and $6,093 price range. This level should not go down to $6,000 because the situation will become worse.
The following chart depicts that the price can be relaxed at the price range from $6,380 to $6,390 and it can be further moved towards the positive end at $6,400. If this can not be achieved, then there will be the risk of hitting the bearish break at $6,000 then it will be difficult to get hold of it and will be hard to handle.
The 4- hour MACD is going towards the bullish zone. This MACD for BTC/USD is moving at the slow pace, but the bullish trend will last for a longer period.
However, the 4-hour relative strength index is moving above the 40 level. To wrap up the price has shown significant support level at $6,100 and the resistance level at fib retracement is $6,390.