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Bitcoin (BTC/USD) Trading at the Crossroads with Bearish Bias

Bitcoin (BTC/USD) has a bearish bias at the moment as price trades below the 200-, 100-, and 50-day simple moving averages (SMA). But at the same time, price has been holding above the $6000 mark for the most part, other than brief crosses below. From the daily chart, I would say that the market is bearish-neutral.

For me, a break above $7500 would be needed to suggest a price bottom. A break below $6000 on the other hand opens up $5000-$5100 support area with an aggressive downside risk to $3000 as well.

BTC/USD Daily Chart

  • The daily chart shows us a descending triangle, which has some bearish implication because of the ability to make lower highs.

  • The pressure is on the $6000 level.

  • Let’s take a look at the 1H chart.

  • The 1H chart shows us a range and a bullish breakout from that range.

  • Then after failing to clear $6800, price fell back into the middle of the range.

  • Because price is still above the middle of the range, the bullish breakout is still valid.

  • However, price is now under the cluster of 200-, 100-, and 50-hour simple moving averages. Actually it is testing the cluster today as resistance.

  • Even in the 1H chart, there is no clear sense of direction.

  • However, I just see more bearish bias in both the short-term price action and the overall 2018 price action.

  • Also, with the highs getting lower and lower (in the descending triangle), it looks less and less attractive to buy from the $6000 support.

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