Bitcoin (BTC) Selling Pressure May Continue Intermittently

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 has continued its downward move as the market reaches the low of $5,956. The price is fluctuating below and above $6,000. A downward move is still being expected. Analysts are of the opinion that if Bitcoin fails to regain the $6,800 level, the downward move will continue. It is like the price will make a partial upward and then drop.

Daily Chart Indicators Reading:
The upward move was repelled by the 26-day EMA as the market continues its downward move. Bitcoin is in a bearish momentum as it below 80% range of the daily stochastic. Bitcoin is making a downward move as it faces rejection from the EMAs.

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
Presently, the moving averages are sloping downward indicating the downward move. The Relative Strength Index has fallen to level 46. BTC is in the downtrend zone. In other words, it is below the centerline 50

General Outlook for Bitcoin (BTC)
Bitcoin is in a downward move as the market reaches the blow of $5,956. In the meantime, the price is fluctuating between below and above $6,000. Bitcoin is currently in a bearish momentum.

Instrument: BTC/USD
Order: Sell
Entry price: $6,267.90
Stop: $6,300.90
Target: $6,067.90

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