Bitcoin remains vulnerable to losses especially with $6,800 support broken. The existence of numerous resistance zones and fewer and week support areas suggests that a return to $5,000 is possible. Bitcoin is having a bearish and drab start to the week. This comes after a weekend characterized by extreme volatility and selling activity. The love for the downtrend took off on Friday following the breaking below $8,000. Various support areas failed to hold including $7,800, $7,500 and $7,300. The losses extended below $7,000 further putting $6,800 under great pressure. Meanwhile, the price action during the Asian hours has seen Bitcoin dive lows around $6,611 after opening the session at $6,907. With the prevailing high volatility coupled with a developing bullish trend, Bitcoin could recovery above $7,000. Bitcoin confluence levels Bitcoin is staring into stacks and stacks of resistance which hints that recovery will not come easy. The confluence tool places the first hurdle at $6,843, the zone where the SMA ten 15-minutes and the Bollinger Band 1-hour lower meet. Slightly above this is the next seller congestion zone at $6,913 as highlighted by the Bollinger Band 15-mins middle. In addition to that, correction above $7,000 will have to brace itself to clear the resistance at $7,053, $7,264 and the strongest resistance at $7,544. On the downside, support levels are quite scarce. The first weak support is seen at $6,703 and is host to the previous low 15-mins and the pivot point one-day support one. Further down, the next support is at $6,633 and $6,563. He weak support areas in relation to the stacks of resistance levels suggest that Bitcoin is still in danger of dropping to $5,000 or even lower. More confluence levels 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 Australia: Mining capex to offset non-mining capex weakness – ANZ FX Street 3 years Bitcoin remains vulnerable to losses especially with $6,800 support broken. The existence of numerous resistance zones and fewer and week support areas suggests that a return to $5,000 is possible. Bitcoin is having a bearish and drab start to the week. This comes after a weekend characterized by extreme volatility and selling activity. The love for the downtrend took off on Friday following the breaking below $8,000. Various support areas failed to hold including $7,800, $7,500 and $7,300. The losses extended below $7,000 further putting $6,800 under great pressure. Meanwhile, the price action during the Asian hours has seen Bitcoin… 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.
