Bitcoin may not go below 6k

Viktor Karapetjanc Crypto Post

Bitcoin found the support at $6140 level, that has been rejected on the 13th of June. The support is confirmed by the 227.2% Fibonacci retracement applied to the corrective wave up after the breakout of the uptrend trendline.

Additionally, Bitcoin has rejected the lower trendline of two different descending channels, which may suggest that the price has reached its’ low. If BTC stays above the 6k support area, this could be the turning point, where trend could become bullish in the very near future.

Yet, there are no clear confirmations of the uptrend and the downside risk remains. Nonetheless 6k area seems to provide a good buying opportunity, especially for the long term. Overall, Bitcoin remains under pressure and for many its just a waiting game at this point.

Author

Viktor Karapetjanc

Crypto Post

Viktor is a Chief Editor, veteran currency trader. He started his trading career in 2001 when he began to study Forex and Binary options trading techniques. Not long after he became a trading systems engineer and algorithmic trading guru.

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