• BTC broke out of a long term falling wedge this week.
  • Momentum tapers off after the breakout.

Bitcoin, the King of cryptocurrencies, broke out of a falling wedge pattern on the long term chart, but bulls lack vigour and strength to capitalise on this breakout. End result - BTC is going back towards the breakout trendline and perhaps below it.

BTC/USD is up two cents of a percent at $6,433 and trading in less than half a percent range for the day - says it enough about lack of volumes and volatility in a crypto that should be high on volumes after breaking out of falling wedge on the daily chart.

Key support for the bulls to rely on, now is the very trendline support, placed at $6,233, break of which will be termed as a failed breakout for the king while also risking in prices going below psychologically important $6,000 mark.

BTC/USD daily chart:

 


Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News & Analysis

Editors’ Picks

Lack of healthy support levels may see BTC/USD drop below $7,000

BTC/USD has dropped from $7,201.80 to $7,198.65 as the bears retained control for the second straight day. The is a lack of healthy support levels so, the price may potentially drop below the $7,000-level.

More Bitcoin News

XRP/USD breakout above $0.20 short-lived, will $0.19 support hold?

Ripple price climbed above the key $0.20 hurdle for the first time since the crash on March 12 on Tuesday. However, the surge was met by overwhelming selling activity, culminating in a slide into ...

More Ripple News

Ethereum Price Analysis: ETH/USD bulls eye $200 despite stalling under $170

Ethereum price finally embarked on the anticipated journey of breaking barriers towards the psychological $200 level. A lot of progress has been made with several hurdles now in the rearview including $140, $150 and $160.

More Ethereum News

Litecoin Price Analysis: LTC/USD bulls regain control, push price back above $45

LTC/USD bulls regained control following a bearish Tuesday. The price has so far gone up from $44.78 to $46.71. Currently, the price encountered resistance at the downward trending line. Ideally, the bulls will want ...

More Litecoin News

BEST CRYPTO BROKERS/EXCHANGES

Bitcoin Weekly Forecast: BTC breaks its ties with stocks, strives to return its safe-haven status

Most part of the week Bitcoin has been on the recovery path. Slowly but surely the coin left $6,500 behind and even tested waters above $7,000.

Read the weekly forecast

BTC

ETH

XRP