Bitcoin price recovery hits a dead end at $6,400 but $6,000 comes out as a strong support area. Technical levels align positively in the favor of a short term sideways action in preparation for a run-up to $7,000. Spot rate: $6,227 Relative change: +44 Percentage change: 0.76% Trend: Bearish Volatility: Low BTC/USD daily chart Bitcoin price recovery above $6,000 stalled at $6,400. Retreat from the weekly high has found support above $6,000. Buyers are in the driver seat in spite of the bearish correction. However, if the resistance at $6,400 is not cleared soon, selling activity could grip BTC/USD pushing it towards the resistance turned support at $5,500 and the key support at $5,000. Consequently, a pennant pattern suggests that Bitcoin is not yet safe from potential losses. The pattern’s resistance has to come down for gains towards $7,000 to materialized. However, if the pennant support is shattered, Bitcoin price could spiral under $5,000. BTC/USD 2-hour chart Bitcoin price short term analysis epitomizes a digital asset with the strength to sustain a steady uptrend. Besides $6,000 standing out as a critical support area, the moving averages; 50 SMA and the 100 SMA are in line to offer more support. The RSI is horizontal at 70 which means that there still room for growth. A bearish session displayed by Elliot Wave Oscillator could soon give way to a bullish session as long as the price stays above $6,200 (immediate support area). FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next EUR Futures: Further downside still on the cards FX Street 2 years Bitcoin price recovery hits a dead end at $6,400 but $6,000 comes out as a strong support area. Technical levels align positively in the favor of a short term sideways action in preparation for a run-up to $7,000. Spot rate: $6,227 Relative change: +44 Percentage change: 0.76% Trend: Bearish Volatility: Low BTC/USD daily chart Bitcoin price recovery above $6,000 stalled at $6,400. Retreat from the weekly high has found support above $6,000. Buyers are in the driver seat in spite of the bearish correction. However, if the resistance at $6,400 is not cleared soon, selling activity could grip BTC/USD pushing… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
