Bitcoin Price Analysis: BTC/USD current price behaviour is spelling potential disaster

Bitcoin price on Friday was trading within consolidation mode, after the brutal selling on Wednesday and Thursday.
BTC/USD has a huge challenge near-term, trying to break down resistance to get anywhere near $7K again.

Ken Chigbo Independent Analyst

The Bitcoin price was seen trading within consolidation mode on Friday, with the crypto market prices seen as generally cooling across the board. The bounce being observed may just be some very temporary form of consolidation.

BTC/USD managed to find some footing at $6300 in the session on Thursday, bouncing few percent higher. There is much of a challenge ahead now for Bitcoin, if the bulls want to push back towards $7000 again.

Technically, BTC/USD could still be very much vulnerable to an attack causing additional selling pressure. Price action is moving within a range-bound nature, which could be setting up for another fall and retest of the low on 6th September down at $6300. Near-term top is seen at $6500-6550, where several rejections have been seen recently.

BTC/USD 4-hour 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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