Bitcoin Price Analysis: BTC/USD remains on the highway to hell, bears eye big break of $6,000

Bitcoin price on Monday was seen trading in positive territory by 0.8%, somewhat of consolation gains for the bulls.
BTC/USD remains intact within a falling channel pattern, indicating of some further downside.
Sub $6000 level looks on the cards, last seen on 14th August for Bitcoin.

Ken Chigbo Independent Analyst

The Bitcoin Price was seen holding minor gains of 0.8% on Monday, given some consolation gains, as bears take foot of the gas with selling pressure. This current consolidation price behavior suggests that the move south is not over just yet.

BTC/USD has lost over 15% in just 5 days of trading, as big move that has seen the price fall from $7405 down to lows of around $6127. Selling pressure has been seen across the crypto market, something that has been somewhat of a shock, given the intensity of this downside momentum.

Technically, given the current pattern the price action has formed, a descending channel, there could be a few more bounces south, which would see $6000 come back under threat to the downside. Elsewhere, given the consolidation nature of the price action, another drop looks possible. Resistance seen at the upper part of the descending channel, $6345, support eyed at $6091 the lower part of that pattern.

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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