Bitcoin Technical Analysis: BTC/USD backing into $6,000

  • Bitcoin's pattern of cyclical bidding shocks appears to have ended, and is now heading in the opposite direction.
  • BTC traders are seeing prices slump back towards the 6,000.0 major level.
  • Bitcoin has struggled to develop a bullish trend in 2018, and highs continue to drop lower on Daily candles.

BTC/USD Chart, 1-Hour

Spot rate:  6252.0
Relative change:  Negligible
High:  6283.0
Low:  6220.0
   
Trend:  Bearish
   
Support 1:  6080.0 (current week low)
Support 2:  5936.0 (S2 daily pivot)
Support 3:  5796.0 (S3 daily pivot)
   
Resistance 1:  6395.0 (June 11th swing high)
Resistance 2:  6537.0 (61.8% Fibo retracement level)
Resistance 3:  6820.0 (two week high)

 

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