Bitcoin price analysis: Mundane trading but survival is for the fittest
|- Bitcoin is still in danger and a slide below $6,200 is imminent if the sellers break the $6,200 support.
- The upside is laced with multiple hurdles at $6,300, $6,400 and the medium-term ultimate resistance at $6,600.
Bitcoin price has recovered from the monthly low traded over the weekend. However, the trend is still in the favor of the bears who are not ready to give up control any time soon. The buyers pulled back the price above $6,400 on Sunday 9 but they lost momentum allowing the sellers to cancel the gains towards $6,200. Since the week began, upside movement has been limited below $6,400 while the downside has been protected by the bullish trendline (15-minutes chart).
The market dominance of Bitcoin has continued to rise amid the crashing crypto prices. At present, it is at 56% (the highest in 9-months) according to CoinMarketCap. Its market capitalization is at $109 billion while the total market cap is $195 billion. The trading volume is rising again after the drop to $3.6 billion on Sunday 9 from $5.8 billion on September
Bitcoin has broken below the trendline support at $6,300 and the buyers are battling to prevent further breakdown towards $6,200. The 50% Fib level will also offer support close to $6,275 but a drop below $6,250 could test the recent lows slightly above $6,100. On the upside, the 200SMA and the 50SMA are limiting gains at $6,311.69 and $6,315.17.
A break above $6,400 (upper supply zone) could open the door for more retracement heading to $6,500 and $6,600. The current trend is, however, strongly bearish and the battle is a survival for the fittest. Technical levels are in play at the moment and buyers must not allow a break below $6,200 as a slide below $6,000 will be imminent.
BTC/USD 15’ chart
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