BTCUSD has formed lower highs and found support near the $6,000 level, creating a descending triangle on its daily chart. Will Bitcoin Price Fall Below $6000 Mark?
12 September, AtoZ Markets – Bitcoin or BTCUSD pair is trading below $6,300 mark with lower volume trades. In the last 1 Day the price has moved by $ -74.65 (-1.18%) with a total volume of over $ 306.59 Million. The lowest price, $ 6,199.19, was on Tuesday, 11 September 2018 at 21:20 (15 hours ago). Also, the Bitcoin lost the market cap by $3 Billion in single day. Will Bitcoin Price Fall Below $6000 Mark?
BTCUSD Technical Analysis: Will Bitcoin Price Fall Below $6000 Mark?
According to the 1H chart, an inverted hammer candlestick pattern has emerged. During a downtrend, the open is lower, then it trades higher, but closes near its open, therefore looking like an inverted lollipop. It needs bullish verification on the next candlestick. Moreover, the bulls were able to hold the support level and as a result, the support level at the $6,000 level was not broken yet. Today, the BTCUSD price is fluctuating in the range bound zone, same as yesterday. The BTCUSD price is expected to rise after its consolidation at the support zone. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Moreover, the price of BTCUSD is below the 12-day EMA and the 26-day EMA which indicates that price is in a bearish trend. The RSI period 14 is level 45 which indicates that price is in the sideways trend zone.
According to Fibonacci charts, the pair is still trading below the 23.6% fibo. retr. zone – near the weekly lows and constantly breaking the daily support level. The pair seem still struggling to gain momentum from this level. Moreover, crossing a major hurdle i.e. the first resistance level near $6400 is crucial for the Bitcoin. 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. But the overall momentum still signals bearish and waiting for bullish trend, in my opinion is the smart move to avoid looses.
- The relative strength index(14) value is 38.164 which signals “SELL” in daily timeframe.
- The CCI(14) valued at -89.2572 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 $6180 level and resistance near $6400 level.
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