The Psychedelic Paintings of Yu Maeda

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The psychedelic work of Yu Maeda mix creatures, shifting views, and touches of the artist’s expertise in graphic design. Born in Kumamoto, Japan, and at the moment based mostly in Southern California, the artist combines influences from the entire fields he’s touched, together with animation. A few of his extra symmetrical works resemble Tibetan Buddhist mandalas, whereas others tackle a extra portrait-style have a look at his monsters. Extra Supply hyperlink from WordPress https://ift.tt/2OkGLyn via IFTTT
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Bitcoin Price Watch: Can BTC/USD Break $6,480-6,550 This Time?

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Key Points

  • Bitcoin price declined and tested the $6,200-6,220 support area against the US Dollar.
  • There is a major bearish trend line forming with resistance near $6,480 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently correcting higher, but it could struggle to move past $6,480 and $6,500.

Bitcoin price failed to move above $6,600 recently and declined against the US Dollar. BTC/USD is recovering, but it may possibly continue to face sellers near $6,480.

Bitcoin Price Analysis

There was yet another failure near the $6,550 resistance in bitcoin price against the US Dollar. The BTC/USD pair topped at $6,549 and started a downside move. It broke the $6,350 and $6,300 support levels. It traded close to the $6,200 where buyers appeared and defended more losses. A low was formed at $6,222 before the price started an upward move. The price recovered above $6,300 and the 38.2% Fib retracement level of the last decline from the $6,549 high to $6,222 low.

On the upside, there is a key resistance formed near $6,424, which is near the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $6,480 on the hourly chart of the BTC/USD pair. The 61.8% Fib retracement level of the last decline from the $6,549 high to $6,222 low is also near the $6,420. Therefore, if the price continues to move higher, it could find resistance near the $6,480 and $6,550 levels. Only a close above $6,550 followed by a break of $6,620 could ignite bullish moves in the near term.

Looking at the chart, if bitcoin fails once again near the $6,550 resistance, it may well decline back to $6,300. Below this last, the price is likely to visit the $6,200 support area.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is moving higher towards the 50 level.

Major Support Level – $6,220

Major Resistance Level – $6,550

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