Bitcoin price analysis: After the false breakout, breakdown is real; Walmart won patent for electrical grid to be powered by BTC and other digital currencies

Bitcoin leads the fall of major cryptos in this recent sell-off.
Walmart wins patent for electrical grid that uses BTC and other cryptos.

Manoj B Rawal Independent Analyst

Bitcoin the poster boy of cryptocurrencies has led from the front to take all the other cryptocurrencies on the southward journey wherein April lows have been broken and is now eyeing swing low of February.

BTC/USD is up more than one percent for the day at $6,467 near high of the day. On the 360-minute chart, BTC broke down of the very trendline it broke out earlier, which resulted into a false break out and now has been trading below it throughout this week. Immediate resistance now in the form of this descending trendline stands at $6,834.

Among the positive news wihch are rare to come by these days, Walmart has won a patent for the development of electrical grid that will use Bitcoin and other cryptocurrencies according this patent application of June 14 on the U.S. Patent and Trademark Office.

BTC/USD 360-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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