Bitcoin price analysis: Bulls vs bears fight continues as the king of crypto bounces and falls back

BTC falls backafter gaining nearly 3 percent earlier.
Fails to hold on to gains.

Manoj B Rawal Independent Analyst

The epic fight between the bears and the bulls to get hold of the Bitcoin momentum seems to be gaining speed as the uncrowned king of digital currencies tries to find direction after falling nearly 20 percent for the week.

BTC/USD moved 0.5 percent lower at $6,800 after gaining as much as $7,119 earlier in the day. Immediate support now is at $6,500 level while resistance is around $7,200 levels.

BTC has an epic battle to handle as the "death cross", a bearish signal and "falling wedge", a bullish sign, both are taking shape and may result into extreme move on either side. (Read more here)

Breakout for the bulls would be confirmed only after crossing past $8,300 levels while the bears would gain control once it falls past $5,800-$6,000 levels on the downside.

BTC/USD daily 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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