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(Refer BTC/USD chart on Trading View)
BTC/USD moved further south on Thursday and has hit a low of 6253 levels so far in the day – down by over 15 percent since September 5 (Bitstamp).
While experts are speculating as to what triggered this sell-off, the prominent one seems to be “Bitcoin whales" dumping large amounts of BTC.
The pair is currently trading at 6400 levels at the time of writing.
On the upside, the pair faces immediate resistance at 6487 (1h 10-SMA) and a break above would see it testing 6600/6689 (4h 200-SMA)/6790 (20-DMA)/6859 (2h 200-SMA)/7000.
On the downside, the pair is trying to hold above 6355 (61.8% retracement of 5880 and 7125.28) and any violation would drag it to 6253 (today’s intraday low)/6207 (78.6% retracement of 5880 and 7411.85)/6128 (1w 90-EMA)/6000/5920 (February 6 low).
Bias has turned bearish on the daily chart with RSI and stochs biased sharply lower and MACD on the verge of bearish crossover.
Watch out for a decisive break below 61.8% fib for further downside in the pair.
