Bitcoin (BTC) Risks a Downward Move, If It Fails to Sustain Above $6,000


Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bearish
Bitcoin now trades above $6,000 after failing to breach the $7,000 resistance. The price is consolidating above the $6,000 support. Before this time, the pair was range-bound between $4,400 and $6,000. The price fluctuated between the range-bound zones for over a week. During the period the bears’ attempt at the $4,400 support would have pushed BTC to the low of $3,800.

Immediately, the bulls put up a challenge as buying was done at $4,400 low. This pushed the BTC to a high of $5,000. The bulls bought at the $5,000 price level and price rose to $7,000. Unfortunately, the bulls were resisted at the $7,000. BTC is retracing to the low above $6,000.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
Bitcoin is above 25% range of the daily stochastic. This implies that the coin is in a bullish momentum but it is weak under the prevailing bear market. The price is still approaching the support line of the channel. BTC will resume its upward move if it breaks the resistance line and closed above it.

BTC/USD Medium-term Trend: Bearish
On the 4- hour chart, the BTC is trading in a descending channel. BTC is retracing from the $7,000 after failing to breach the resistance level. The price is now consolidating above $6,000.

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping upward. There is bullish crossover as the 21-day SMA crosses over the 50-day SMA. The Relative Strength Index has fallen to level 57 after a retracement. BTC is still in the uptrend zone.

General Outlook for Bitcoin (BTC)
Bitcoin is still consolidating above $6,000. The bulls have to buy at the current support for the price to stabilize. The downtrend will resume if it falls to the previous range-bound zone.

Instrument: BTC/USD
Order: Buy
Entry price: $6,164.50
Stop: $6,000
Target: $6, 364, 50

Note: 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

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit

Highly volatile unregulated investment products. No EU investor protection.

  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
Share with other traders!

Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.