Bitcoin price analysis: Must cross short term barrier for long term gains

BTC faces resistance in the immediate term.
Long term bullish breakout could be on the horizon.

Manoj B Rawal Independent Analyst

Bitcoin, the largest cryptocurrency by market capitalisation, faces resistance in the short term in the form of a descending trendline that is a must to cross for the bulls to gain upper hand from bears if they want to gain a larger, longer term breakout.

BTC/USD is up 3 cents of a percent at $6,434 and in less than one percent range for the day. On the 240-minute chart of the largest crypto, BTC sits just under the descending trendline that must be crossed for the larger falling wedge breakout which this author has been pointing out in the last few weeks. (Read earlier article here)

The failure to cross past this resistance would also mean that the price would retrace back towards the lower end of the falling wedge just below $6,000.

BTC/USD 240-minute chart:

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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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