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: What Does BTC/USD’s Failure Near $6,600 Indicate?

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Key Points

  • Bitcoin price jumped above the $6,400 and $6,550 resistance levels, but failed to hold gains against the US Dollar.
  • There is a major bullish trend line in place with support at $6,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair clearly made a failed attempt to break the $6,550 and $6,600 resistance levels, and declined.

Bitcoin price gained momentum above $6,400, but it was unsuccessful near $6,650 against the US Dollar. BTC/USD trimmed all yesterday’s gains and settled below $6,400.

Bitcoin Price Analysis

Yesterday, we discussed positive moves above $6,350 in bitcoin price against the US Dollar. The BTC/USD pair did trade higher, broke the $6,400 and $6,550 resistance levels, but it failed to retain gains. There was a failure near the last swing high at $6,640-50. The price was rejected and it seems like it was an unsuccessful attempt to break the $6,550 resistance. A fresh bearish wave initiated and the price declined below the 23.6% Fib retracement level of the last wave from the $5,884 low to $6,652 high.

The price also moved below the $6,400 support level and even tested the $6,200 support. However, the 100 hourly simple moving average acted as a support near $6,200. Also, the 50% Fib retracement level of the last wave from the $5,884 low to $6,652 high is acting as a support. More importantly, there is a major bullish trend line in place with support at $6,240 on the hourly chart of the BTC/USD pair. Should there be a break and close below the trend line support, the price could drop further towards the $6,100 and $6,000 levels.

Looking at the chart, bitcoin failed to retain gains above $6,550. However, if it continues to hold the trend line and $6,200, it could make another attempt to trade higher.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is currently flat near the 50 level.

Major Support Level – $6,200

Major Resistance Level – $6,550

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