- Bitcoin trades over 3% lower on Wednesday as sentiment turns sour.
- The next major support level is at 6K and the key moving averages are broken.
BTC/USD 1-hour chart
Bitcoin is looking bearish on Wednesday as the price moved 3% lower after rejecting higher levels. The market bounced off the blue trendline and pushed through the 55 and 200 hourly moving averages. This all points to a very bearish picture on the intraday timeframes. The RSI has also dipped under the 50 mid-line to compound the misery but is in an oversold zone so there could be a short term bounce.
On the downside, the next support zone is at 5853.00. This level was the previous wave low and will make a lower high and lower low wave pattern. The whole crypto market is correcting on the downside at the moment. On the higher timeframes, BTC/USD is also looking bearish with the price trading under the aforementioned moving averages.
|Today last price||6229.47|
|Today Daily Change||-193.74|
|Today Daily Change %||-3.02|
|Today daily open||6423.21|
|Previous Daily High||6525.83|
|Previous Daily Low||6338.56|
|Previous Weekly High||6983.8|
|Previous Weekly Low||5683.95|
|Previous Monthly High||9215.51|
|Previous Monthly Low||3886.49|
|Daily Fibonacci 38.2%||6454.29|
|Daily Fibonacci 61.8%||6410.1|
|Daily Pivot Point S1||6332.57|
|Daily Pivot Point S2||6241.93|
|Daily Pivot Point S3||6145.3|
|Daily Pivot Point R1||6519.84|
|Daily Pivot Point R2||6616.47|
|Daily Pivot Point R3||6707.11|
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