Published On: Thu, Jun 14th, 2018

Bitcoin Price Watch: Can BTC/USD Break 100 SMA?

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Key Points
Bitcoin price formed a decent support near the $6,130 level and recovered against the US Dollar.
The BTC/USD pair is currently attempting to break a key bearish trend line with resistance at $6,450 on the hourly chart (data feed from Kraken).
The pair may correct higher further, but it is likely to face barriers near $6,600 and the 100 hourly simple moving average.
Bitcoin price formed a base above $6,100 against the US Dollar. BTC/USD is recovering, and it could trade higher, but upsides are likely to be capped by $6,600, $6,800 and 100 SMA.
Bitcoin Price Analysis
There were further declines below the $6,200 support in bitcoin price against the US Dollar. The BTC/USD pair traded as low as $6,131 before forming a base for an upside move. The price started an upward correction and traded above the $6,300 level. There was a break above the 23.6% Fib retracement level of the last decline from the $6,900 high to $6,131 low.
At the moment, the price is trading with a positive bias above $6,300. However, there are many hurdles on the upside near the $6,500, $6,600 and $6,800 levels. More importantly, the BTC/USD pair is currently attempting to break a key bearish trend line with resistance at $6,450 on the hourly chart. …

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