Will Bitcoin Break $6000 Level Soon?

Today, Bitcoin or BTCUSD pair trading near $6300 mark, still hovering above the long-term support and consolidated near the shorter term symmetrical triangle pattern. Will Bitcoin Break $6000 level in coming days?

11 September, AtoZ Markets – The BTCUSD pair is trading above the $6300 mark with a total volume of $ 3.21 Billion, dropped 13.51% from the last week. According to CoinmarketCap, the Bitcoin now has a total market cap of around $ 110 Billion. Additionally, the cryptocurrency market cap dipped around $630 Billion from its all time highs. The entire market is losing the potential due to several market factors, including the US SEC suspends trading in two Crypto-Based securities is one of the most important factors. Moreover, other than Bitcoin, major altcoins like Ethereum, Ripple and Bitcoin Cash following the bearish trend. Traders are waiting for the bullish trend but the pair seems still in a dilemma. Will the BTCUSD pair break below the $6000 level in coming days?

Deliberation Bearish Pattern: Will Bitcoin Break $6000 Level Soon?

A deliberation bearish candlestick pattern has been emerged in 1D time-frame with medium reliability which suggests that the pair is losing the momentum and ready for the bearish pull. During an uptrend, three white candles occur with consecutively higher closes. This pattern is a derivative of the Three White Soldiers pattern and is very similar to the Advance Block pattern. Even though an uptrend continues, the small third body suggests that the previous rally is losing strength and preparing for a reversal.

Moreover, the sell-off is more likely to resume as the the 100 SMA is below the longer-term 200 SMA on this time frame to indicate that the path of least resistance is to the downside. As the daily charts suggests the overall sentiment is still bearish and a sell-off towards $5700- $5800 levels is likely to seen in few days.

The BTCUSD pair in long-term is inside a giant descending triangle, with its base support near the Bitcoin’s 2018 bottom near USD 5861 level. It can’t be surprising if the downward break from this level happens. According to Fibonacci charts, the pair is still trading below the 23.6% fibo. retr. zone – near the weekly lows. The pair seem still struggling to gain momentum from this level. On the upside, it it important for the BTCUSD to gain traction and trade above the golden ratio zone above 38.2% Fibo. zone i.e. $6600 mark to gain more traders & momentum. Most probably, the chances are very high that the pair might break the weekly lows and panic selling towards $5700- $5800 level is likely possible.

  • The relative strength index(14) value below 50 which signals “SELL” in daily timeframe.
  • The CCI(14) valued at -89.5 which again signify selling signal in 1D chart.
  • The MACD(12,26) – selling signal in daily charts.
  • Moreover, according to ATR(14), the BTCUSD pair is Less volatile.

BTCUSD Daily Pivot Points

The Bitcoin has significant daily strong support near $6170 level and resistance near $6370 level.