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Bitcoin price analysis: it's hit a miss moment for BTC/USD

  • BTC/USD is about to break above Andrew's pitchfork upper line
  • Muted reaction to Bithumb hack may signal a change of sentiments.
Bitcoin price analysis: it's hit a miss moment for BTC/USD
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

BTC/USD reached a strong resistance at $6,750, created by an upper line of Andrew's pitchfork. Breaking above this line, BTC will effectively threaten the bearish trend that has been developing since the beginning of May and eaten over 30% of its value.  At the time of writing, BTC/USD is changing hands at $6,725, mostly unchanged since the start of the day, but 1% higher on daily basis. 

While the break through the above-said resistance might lead to a strong upside movement, it is not clear what can become a trigger. The latest cryptocurrency market developments signal that traders tend to see the glass half empty, however, the sentiments will change once the price breaks above technically important level.  At the same time, muted reaction to Bithumb hack may also signal a change of heart.

If Bitcoin fails here again, the downtrend will gain traction. Bears will get motivated to push the price to $6,135 (June 13 low) and below $6,000. 

BTC/USD, the daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

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