Bitcoin price analysis: Breakdown leads to downward momentum escalating

BTC broke down of a critical short term support.
A knee-jerk spike down to sub $6k may happen.

Manoj B Rawal Independent Analyst

Bitcoin, the cryptocurrency that was ruled out to have an ETF listed by the SEC in the gone week, has been heading lower ever since this news of no Bitcoin ETF was announced and has broken down of a critical short term support in the late Friday trading.

BTC/USD is down about 2 cents of a percent at $6,125 after hitting as low as $6,001, just around that psychological round figure mark. On the hourly chart, Bitcoin broke down of an ascending trendline support on late Friday evening and has been trading below it ever since.

Critical support now is placed around $6,000 and $5,900 zone while resistances are in the form of the very ascending trendline BTC broke down of, as well as another descending trendline, placed at $6,200 mark currently.

BTC/USD hourly 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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