• 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. 

 

Bitcoin moving toward 6K

Additional levels

BTC/USD

Overview
Today last price 6229.47
Today Daily Change -193.74
Today Daily Change % -3.02
Today daily open 6423.21
 
Trends
Daily SMA20 5960.43
Daily SMA50 7927.08
Daily SMA100 8173.02
Daily SMA200 8248.38
 
Levels
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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