Bitcoin Price Analysis: BTC/USD could be in trouble now, as price slips just below key near-term support

Bitcoin price on Monday nursed some minor losses, just shy of 1% in the session.
BTC/USD had been supported by an ascending trend line, running from 19th September, bears manage to push for a breach on the 60-minute chart.

Ken Chigbo Independent Analyst

The Bitcoin price on Monday was seen down just shy of 1%, in the latter stages of the trading session. It initially swung in and out of negative territory, as the market still struggles to commit to a sustained trend.

BTC/USD has been supported within its current choppy price action nature, by an ascending trend line, which was been running from 19thSeptember. Market players continue to speculate, as to whether the bottom has been finally taken place for Bitcoin.

Technically, resistance could now likely be seen underneath the breached supporting trend line. Immediately the resistance is seen at $6600, just above sees the 50 & 100MAs (60-minute), around the $6615 mark. There is plenty of support to the downside, protecting the $6000 mark. Support in the near-term is eyed at $6500, where a demand zone is seen. Further south, there is support on the 60-minute chart at $6350.

BTC/USD 60-minute chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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