Key Support Zones: $7, 000, $6, 000, $5,000
BTC/USD Long-term Trend: Bearish
Bitcoin has finally dropped to a low of $6,200 and the downward move may continue. The downward move became necessary because the bulls failed to breach $7,000 overhead resistance. For over a week, BTC has been trading between $6,400 and $6,800 . The bulls have the advantage of pushing the price above the resistance but fail due to stiff resistance.
There are indications that if the bulls fail to regain the $6,800 level, the market will fall again to the low of $5,500. The bulls can only regain the $6,800 level if price bounces at the current support of $6,000. The bulls will break the overhead resistance and reach the highs of $7,500 if price bounces at the $6,000 support.
Daily Chart Indicators Reading:
Currently, BTC is now in a bearish momentum as it is below 80% range of the daily stochastic. Bitcoin is likely to further depreciate if it fails to move up. The chances are slim because the market is in a downward move.
BTC/USD Medium-term Trend: Ranging
On the 4- hour chart, the BTC upward move has been terminated as the bulls break the bullish trend line. The price has fallen below the trend line and it is consolidating above the current support. The direction of the market will be determined after consolidation.
4-hour Chart Indicators Reading
In the meantime, the moving averages are sloping upward indicating the upward move. The Relative Strength Index has fallen to level 41. BTC is in the downtrend zone. In other words, it is below the centerline 50.
General Outlook for Bitcoin (BTC)
At the moment, Bitcoin has been consolidating above the support of $6,200 but it is falling. The market may go up if the price bounces at the current support. Nevertheless, the downward move will resume as soon as the $6,200 cracks.
Instrument: BTC/USD
Order: Sell
Entry price: $6,168.90
Stop: $6,200.90
Target: $5,968.90
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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