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Bitcoin Price Analysis: The 6K level looks vulnerable to another downside break

  • Bitcoin had been trading higher for most of the session but just recently dipped into negative territory.
  • The 6K level looks like it might be broken again as upside momentum weakens.
Bitcoin Price Analysis: The 6K level looks vulnerable to another downside break
Rajan Dhall, MSTARajan Dhall, MSTAFX Daily

BTC/USD 1-hour chart

Bitcoin had been trading higher for most of the session but just recently some selling pressure has put it into negative territory. The top of the consolidation period at 5,985 could act as support but 6K looks to be doing a good job at the moment. The price is also above the 55 SMA and this indicator does also sometimes provide support.

Looking at the chart now, the MACD histogram has turned negative but the signal lines are still above the zero line which is still positive. 7K seems to have been just a step too far for the Bitcoin bulls as there was a firm rejection at that level along with a bearish candlestick formation. 

The target could be 5,285 to 5,300 which is the middle of the consolidation period and could be considered the mean value area. The overall trend is also down so shorts could be in favour at the moment.

Bitcoin 6K break

Additional levels

BTC/USD

Overview
Today last price6196.33
Today Daily Change11.52
Today Daily Change %0.19
Today daily open6184.81
 
Trends
Daily SMA207266.96
Daily SMA508703.21
Daily SMA1008266.3
Daily SMA2008480.66
 
Levels
Previous Daily High6432.65
Previous Daily Low5265.4
Previous Weekly High8899.6
Previous Weekly Low3886.49
Previous Monthly High10511.86
Previous Monthly Low8431.17
Daily Fibonacci 38.2%5986.76
Daily Fibonacci 61.8%5711.29
Daily Pivot Point S15489.26
Daily Pivot Point S24793.7
Daily Pivot Point S34322.01
Daily Pivot Point R16656.5
Daily Pivot Point R27128.2
Daily Pivot Point R37823.75

Author

Rajan Dhall, MSTA

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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