Bitcoin price analysis: BTC/USD holding modest gains on Tuesday, with possibility of a nose dive drop

Bitcoin clawing onto some very modest gains of half a percent, with improved market sentiment.
Resistance is very tough at $8,400, next downside support at $6,900 and then $6,000.

Ken Chigbo Independent Analyst

The Bitcoin price is seen up with small gains of 0.5% on Tuesday, despite being in the green, it is underperforming in comparison to some of the other major cryptocurrencies. There has been some life propped back into the altcoins, after a very soft start to the week, as seen on Monday.

BTC/USD was stopped again by a long-running ascending trend line, that had been running from September 2017. This is proving to be some serious barrier for Bitcoin, not allowing it through to trade back above and break out of the long-term bearish trend.

The resistance is tough at $8,400, where the trend line tracks. A bearish pennant pattern can also be seen forming, with current price action. This break would confirm the downside trend is still very much active for BTC/USD. Support to the downside is currently seen just below the $7,000 mark at $6,900, then further would be back towards $6,000 level.

BTC/USD daily 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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