Bitcoin (BTC) Trades below $6,800, Risks a Price Breakout or Breakdown

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RESULTS

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

BTC/USD Long-term Trend: Bearish
Within a week, the bulls have made three unsuccessful attempts at the $7,000 overhead resistance. The only consolation is that it is trading below $6,800 resistance and close to the overhead resistance. Bitcoin may have the possibility of a breakout if the bulls continue to trade near the overhead resistance.

On a downside, selling pressure may resume at the $6,800 resistance for failing to break above the resistance. Any downward move may fall to the next support at $6,200 and subsequently to the low of $5,820. An analyst believes that BTC may fall to the low of $4,000 before a rebound.

Daily Chart Indicators Reading:
Today, Bitcoin is above 50% range of the daily stochastic. The coin is still in bullish momentum. BTC will resume its upward move if it breaks the resistance line of the descending channel and closed above it.

BTC/USD Medium-term Trend: Ranging
On the 4- hour chart, the BTC is in a sideways trend. The sideways trend has been broken by the bulls as the market moves up to retest the overhead resistance. The bulls have failed to breach the overhead resistance as BTC trades below the resistance.

4-hour Chart Indicators Reading
The 21-day and 50-day SMAs are sloping upwards indicating the upward move. There is a bullish crossover as the 21-day SMA crosses over the 50-day SMA. The Relative Strength Index has risen to level 61. BTC is still in the uptrend zone.

General Outlook for Bitcoin (BTC)
Yesterday, Bitcoin turns down from the $7,000 overhead resistance. The market is still trading close to the overhead resistance as the bulls continue to push upward. There is an indication that BTC may drop down sharply if it fails to break the overhead resistance.

Instrument: BTC/USD
Order: Sell
Entry price: $6,672.10
Stop: $6,742.10
Target: $6,472.10

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