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Bitcoin price analysis: BTC/USD Bulls get a breather, but uptrend comes short of $6,300

  • Bitcoin price is forming a classic falling wedge pattern pending upside breakout in the medium term.
  • Bitcoin price must keep the support at $6,100, otherwise trading below $6,000 is still in sight.

The majority of the top ten cryptocurrencies are making subtle higher corrections as we usher in the weekend trading. The assets have been swimming in the sea of red while the sellers have been having a field day. The overarching declines appear to have come to a halt and a recovery trend is in play at the moment. The regulation news has gone down for some time now, therefore, it is likely that the current price performance is mostly dependent on speculation along with supply and demand.

Bitcoin price is fighting for a breakthrough above $6,300, although the critical resistance level at $6,400 is the next breakout target. BTC/USD is still range-bound within the channel with the upper limit at $6,860 and a lower limit of $5,775. The price is also forming a classic falling wedge pattern on the 4-hour timeframe chart, which could mean that a breakout is in the pipeline in the medium-term.

The general trend for the intraday trading on Friday 13 is bearish, despite the effort by the buyers to push for movement to the upwards. The MACD momentum indicator is moving further into the negative region. Immediate resistance is preventing retracement at $6,250 while both the 50 SMA and the 100 SMA are standing in the way of the gains at $6,367 and $6,418.39 respectively. On the flipside, support is observed at $6,100 while trading below $6,000 is still within sight if the Bulls fail to overcome the Bear pressure.

BTC/USD 4-hour chart

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