- Bitcoin trends turns bearish following an extended stability period.
- BTC/USD finds support at $6,200; buyers push for gains heading to $6,300.
The stability in Bitcoin price has finally hit a dead end resulting in a brief waterfall move. The bearish move is a welcome gesture that investors can start to see some price movements in the coming months. Moreover, the low trading activity have led to reduced daily transaction levels in Bitcoin.
In the earlier published analysis, Bitcoin was pivotal around $6,400 with a support at $6,380 and a cap at $6,460 to the upside. The price was limited in an approximately $300 range leading to extended stability that was great for the maturity of the market but at the same time unwelcomed to the speculators and traders in the market.
The bearish move on Monday has witnessed more than 2% loss in value from the intraday highs marginally above $6,410. The above mentioned support at $6,380 failed to stop declines, besides the losses were unstoppable at $6,300. Bitcoin formed a low at $ 6208.53 giving buyers an opportunity to enter. A pullback is underway towards $6,300, although the price is flirting with $6,272.
The RSI is currently making its way out of the oversold but the MACD shows that the bears still have the control. BTC/USD is inclined to correct lower in the short-term. However, if the bulls can find a support above $6,300, Bitcoin will embark on an upwards move towards $6,400 (broken support).
BTC/USD 15′ chart
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