Bitcoin (BTC): Price Analysis
BTC/USD has been consolidating above the lows of yesterday’s mini squeeze.
Since breaking above $6,000, BTC bulls have tried to keep the bears at bay.
However, the bears are still in with a big say as they have managed to contain prices from breaking higher.
Failing to rally has given the bears initiative and we won’t see an upside until BTC holds in green for the day.
Alternatively, the bears can do the market a favor and switch to help maintain the consolidation towards June 21st prices.
The Fibonacci retracement indicates that the 61.8% level crosses the trend line and eoscoincides with weak support.
The 100 SMA has crossed below the longer-term 200SMA. It shows that the bears are still in place and we could see BTC break below. If it does, the sell-off will resume.
The RSI 14 level is turning lower but doesn’t hit overbought levels, signaling that sellers are likely to make an entry.
There’s a major support area at $6150 and then $6287. Beyond this, the bulls will run into resistance at $6424 and $6837.
Since breaking above $6,000, BTC bulls have tried to keep the bears at bay.
However, the bears are still in with a big say as they have managed to contain prices from breaking higher.
Failing to rally has given the bears initiative and we won’t see an upside until BTC holds in green for the day.
Alternatively, the bears can do the market a favor and switch to help maintain the consolidation towards June 21st prices.
The Fibonacci retracement indicates that the 61.8% level crosses the trend line and eoscoincides with weak support.
The 100 SMA has crossed below the longer-term 200SMA. It shows that the bears are still in place and we could see BTC break below. If it does, the sell-off will resume.
The RSI 14 level is turning lower but doesn’t hit overbought levels, signaling that sellers are likely to make an entry.
There’s a major support area at $6150 and then $6287. Beyond this, the bulls will run into resistance at $6424 and $6837.
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