Bitcoin Price Weekly Analysis: BTC/USD Bearish Below $6,000

Key Factors

  • Bitcoin worth is presently buying and selling in a bearish zone beneath the $6,250 help towards the US Greenback.
  • There’s a essential bearish development line fashioned with resistance close to $6,400 on the Four-hours chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair is presently buying and selling beneath the $6,000 stage and it might lengthen declines in direction of $5,600.

Bitcoin worth is in a brilliant bearish zone beneath $6,250 towards the US Greenback. BTC/USD is presently at a threat of extra losses in direction of the $5,600 stage.

Bitcoin Price Pattern

This previous week, bitcoin worth failed to maneuver above the $6,700 and $6,800 resistance ranges towards the US Greenback. In consequence, there was a draw back response and the BTC/USD pair broke the $6,500 help. The decline bought traction and the value even broke the $6,250 help zone. It pushed the value in a bearish zone beneath $6,250 and the 100 easy shifting common (Four-hours).

The worth even broke the final swing low of $6,128 and fashioned a brand new month-to-month low. It examined the 1.236 Fib extension stage of the final wave from the $6,128 low to $6,859 excessive. Later, there was an upside correction and the value moved above $6,100. Nonetheless, the upside transfer was capped by the $6,250 and $6,300 resistance ranges, which have been helps earlier. In the intervening time, the value is buying and selling with a bearish angle beneath $6,250. The subsequent goal for sellers may very well be the 1.618 Fib extension stage of the final wave from the $6,128 low to $6,859 excessive close to $5,677.

Wanting on the chart, the value is presently in a bearish zone beneath $6,250. There are excessive possibilities that bitcoin might lengthen its decline beneath $5,800 and $5,700 within the close to time period. On the upside, resistances are at $6,250 and $6,500.

Wanting on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is usually within the bearish zone.

Four-hours RSI (Relative Energy Index) – The RSI is now within the oversold zone.

Main Help Degree – $5,600

Main Resistance Degree – $6,250

About Tom Greenly

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