- Bitcoin failed to move beyond $6,500 handle.
- Andrew’s Pitchfork guides BTC/USD lower with $4,000 as a turning point.
BTC/USD is changing hands at $6,455, off the intraday high reached at $6,520 during early Asian hours. The recovery is fading away. signaling that more downside may be in store unless some good news unleashes investors’ optimism.
“In due time Bitcoin will get close to zero. The bubble has already burst and crash as in 6 months Bitcoin has lost almost 80% of its value, from 20K to close to 6k. Another 90% down eventually still to come. Whales are dumping their shit-bitcoin & suckers bagholders already wiped,” Nouriel Roubini, also known as Dr. Doom, posts in his Twitter account.
Bitcoin’s technical picture
From the longer term perspective, BTC/USD moved below $6,483 and reached the new low of 2018, which looks pretty gloomy. The price is trapped within the upper channel of downside Andrew’s Pitchfork with further downside potential towards $5,600 and $4,000 (median line). A sustainable movement above $7,000 is needed to break the pattern and mitigate the bearish pressure.
BTC/USD, the daily chart