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Bitcoin Price Analysis: How Long Will $6000 Support Hold?

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Bears stay totally in charge of Bitcoin value, but someway, the $6,000 help is holding…for now.


Bitcoin Price: 4-Hour Chart

After posting a daily high at $6,460, bitcoin value fell under the wedge formation and fixed rejections on the 20-MA have stored BTC 00 within the sample of decrease highs.

Eventually, a bear flag shaped and BTC continues to lose the hourly uptrend after each bull break so merchants ought to both maintain their powder or place tight stops with a purpose to keep away from being trapped by faux outs.

The drop under the ascending trendline was stopped on the $6,117 help however the general state of affairs stays overwhelmingly bearish.

At the second the bears have the ball, however the 4-hour chart exhibits greater lows being set all through the day and a bullish divergence on the RSI does encourage a smattering of hope. However, earlier in the present day the 50-MA dropped under the 200-MA, and all the different short-term transferring averages are crossed under the long-term MAs. 

BTC wants to maneuver above the day by day excessive at $6,460 (barely above the 23.6% Fib retracement) and the 200-MA at $6,573, which is an space that can probably present stiff resistance.

While extra draw back is probably going, BTC does have help at $6,180, $6,122, $6,000 and $5,900.

BTC seems to be consolidating right into a tighter vary however nonetheless struggles to maneuver above the 20-MA. The bullish divergence within the RSI throws blended alerts because the Bollinger bands constrict, however low purchase quantity and the constant failure by BTC to maneuver above the day by day excessive (purple line) recommend a transfer to the draw back.

Of course, we might like to see in any other case however the current bearish cross of the 50-MA under the 200-MA make the potential of such an consequence much less probably.

Daily Chart

Looking Ahead

BTC 00 seems to be on a path to $6,000 except the technical setup adjustments or a bullish media story can shift sentiment. One can solely hope {that a} transfer under $6,000 will lure patrons and produce a pleasant bounce, or higher but, a pattern reversal. At this level, that is nothing greater than wishful considering.

A bullish divergence will be seen within the 4-hour RSI however all different indicators are bearish so attempt to curb your enthusiasm.

BTC wants to maneuver above the day by day excessive at $6,460 (barely above the 23.6% Fib retracement) and the 200-MA at $6,573 with a purpose to garner patrons’ curiosity.

[Disclaimer: The views expressed on this article should not meant as funding recommendation. Market knowledge is offered by BITFINEX. The charts for evaluation are offered by TradingView.]

Where do you assume Bitcoin value will go this weekend? Let us know within the feedback under! 


Images courtesy of Shutterstock, Tradingview.com


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