Bitcoin is not dead yet, not as long as it stays above $6,000. BTC/USD is capped by the critical resistance level at $6,400. Bitcoin hit $5,777, the lowest level of 2018 before buyers came in and saved the day. The digital coin No. one got back above $6,000 late on Sunday, to trade at $6,137 at the time of writing. With no apparent reason, the upside looks like a technical correction from new lows, and it is not clear, whether it will have legs. Meanwhile, long-term investors are back with their traditional call to put things into perspective as the coin is still 140% higher than this time last year. It means that those who bought the in June 2017 are in profit. However, it is a weak consolation to short-term speculators who poured into the market by a dozen. Famous Bitcoin bull Brian Kelly from BKCM LLC says that the drop is painful, but it is not unusual for cryptocurrency markets. “And bear markets, we don’t know where they end,” Kelly said. “It doesn’t mean that bitcoin can’t go lower. But this is by no means the funeral for bitcoin,” he explained at CNBC. Bitcoin technical picture BTC/USD stays within the downside channel with the upper line created by Andrew’s pitchfork, currently seated at $6,400. If the bulls manage to clear this area the upside may be extended towards $67,000, however this development seems unlikely at this stage. On the downside, another attempt below $6,000 may lead to a retest of recent lows at $5,777. BTC/USD, daily chart 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 Brent oil drops 2 percent in Asia FX Street 3 years Bitcoin is not dead yet, not as long as it stays above $6,000. BTC/USD is capped by the critical resistance level at $6,400. Bitcoin hit $5,777, the lowest level of 2018 before buyers came in and saved the day. The digital coin No. one got back above $6,000 late on Sunday, to trade at $6,137 at the time of writing. With no apparent reason, the upside looks like a technical correction from new lows, and it is not clear, whether it will have legs. Meanwhile, long-term investors are back with their traditional call to put things into perspective as… Top 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.
