BTC/USD Technical Analysis: Further downside likely as Bitcoin slips away from the $7,000 handle
- Bitcoin has marked in a lower high after failing to recoup the 7000.0 key handle.
- Broader cryptomarkets have retracted for June, BTC/USD's bounce from the last low at 5755.0 likely to stall before the 61.8% Fibonacci retracement level.
- Reloading shorts may want to wait for a break lower to confirm a bearish continuation.
| Spot rate: | 6243.0 |
| Relative change: | 4.5% |
| High: | 6341.0 |
| Low: | 6068.0 |
| Trend: | Bearish |
| Support 1: | 6068.5 (current day low) |
| Support 2: | 5755.0 (one week low) |
| Support 3: | 5654.0 (S1 daily pivot) |
| Resistance 1: | 6430.0 (61.8% Fibo level) |
| Resistance 2: | 6746.0 (R1 daily pivot) |
| Resistance 3: | 6848.20 (one week high) |
Author
Joshua Gibson
FXStreet
Joshua joins the FXStreet team as an Economics and Finance double major from Vancouver Island University with twelve years' experience as an independent trader focusing on technical analysis.
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