• Bitcoin recovered back following a 5% drop to $6500 mark, but bearish correction remains valid
After Bitcoin got rejected around $6980 resistance yesterday, the price continued to show weakness following a 5% drop to reach $6500 earlier today. Now, Bitcoin has recovered slightly back above $6000 after a breakdown. The bearish pressure would continue if the price drops below $6500. If this price level holds, Bitcoin is expected to resume an uptrend.
Key resistance levels: $7000, $7191, $7450
Key support levels: $6400, $6200, $5880
Bitcoin (BTC) Price Analysis: Daily Chart – Bearish
Bitcoin’s selling volume is looking a bit low on the daily chart as price a slowly drops. Despite that, Bitcoin had lost almost $1000 in a week. As it appeared now, the market is still under correction with a current trading price of $6691. However, buyers may regain control if they can regroup above the white descending line.
In case Bitcoin resumes selling below $6500 support, initial support to watch is $6400, followed by $6200 and possibly $5880 where the grey horizontal line lies. From above, Bitcoin’s first line of resistance is $7000. The next is $7191 followed by $7450 resistance, from where correction started last week.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
Bitcoin is still respecting the descending channel on the hourly chart. Yesterday, after facing tough resistance around $6900 – $7000 area, Bitcoin’s price dropped steadily to the lower boundary – $6500 today. A small recovery has brought BTC back to $6654.
If the buyers continue to push higher, Bitcoin may climb to the red supply area of$6800. Above this area lies $6900, around the channel’s resistance. On the downside, Bitcoin is still relying on $6500 support. A drive below this support could send Bitcoin to $6400 and $6200, below the channel. However, Bitcoin would remain bearish as long as price respects this channel.
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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