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Bitcoin (BTC/USD) - Failure to Hold Price Bottom Suggests Pain Ahead

Recently, Bitcoin (BTC/USD) formed a short-term price bottom and looked like it was going for a bull run. We were anticipating a bullish rally within the context of a bearish correction. But even our bearish bias was too bullish as BTC/USD failed to push above $6600.

BTC/USD 4H Chart

Bears Maintain Grip:

  • On the 4H chart, we can see that price was unable to clear above an earlier resistance pivot This would have been the first key break and it didn’t happen.

  • The next key price action would have been a break above the $6600 level where the 200- and 100-period simple moving averages (SMA) reside.

  • Last week, price action was able to hold above $6400, which showed ability of the price bottom to hold. Thus Bitcoin was at the crossroad.

  • Bitcoin started this week unable to push higher. Instead, the price bottom failed to hold and price is now with bearish pressure.

  • This failure to bottom suggests pain ahead. I think there is a strong chance price will indeed test that $5850-$6000 support area that has been holding throughout the year .A break below that first opens up the $5000-$5100 area, and then the $3000 mark.

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