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Bitcoin (BTC/USD) Shows Bearish Bias in Price Bottom Attempt

After falling from around $8500 to $6000, Bitcoin (BTC/USD) started to consolidate. On the 4H chart, the price action looks like a possible rounded bottom.

BTC/USD 4H Chart

  • The price bottom attempt got some momentum when price pivoted above $6200.
  • A break below $6200 now would open up the bearish continuation outlook.
  • Also, price failed to close above $6600, so a break above that would open up a bullish correction scenario.
  • With price in the middle of these pivots, BTC/USD is at the crossroad. However, there is a bearish bias.
  • Note that price is under the 200- and 100- period simple moving averages (SMA).
  • Also, the RSI came up to 60 and turned down. This reflects maintenance of the bearish momentum. 
  • Finally, just the shape of consolidation in the past week was a sign that bulls are running out of gas here in this price attempt. 
  • I wouldn't be surprised if price finally breaks out of this consolidation this week, especially to the downside. 
  • The bearish scenario first has the $5850-$6000 area in sight. 
  • Most likely, if price can get back to this support area, it will continue down towards the $5600 and $5000 area, which represent support pivots seen on the daily chart below. 

BTC/USD Daily Chart

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