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.