The struggle of Bitcoin in this bearish market continues throughout this week as well. Since its major downfall in January (from $20,000 to $8,000), the number one cryptocurrency is yet to find a way to engineer a major trend reversal.
Here, you would find comprehensive price analyses of bitcoin to have some idea about their probable future.
Bitcoin (BTC/USD)
Price Analysis
High: $6284.05USDLow: $6243.53 USDMajor Resistance Level: $6,600 USDHourly MACD: Placed slightly in the sell zone with range bound movement predominantly.Chart courtesy of tradingview.com
Bitcoin is veering around the $6,200 mark at the moment with a steep bearish trend. Trading experts and crypto-connoisseurs have been speculating that the sudden drop of the crypto-market by 10 billion USD over the past two days has invariably caused this major downfall. At one point, Bitcoin’s price dropped to a figure of $6,150. Although the currency has managed to do some damage control since then, the trend is still a bit bearish. Bitcoin is exhibiting an oversold co0ndition with alarmingly low relative strength index (RSI). As long as the value of RSI does not increase, the struggle of BTC to rebound by attempting a corrective rally is likely to continue. According to many speculators, the only feasible way for Bitcoin to commence a rebound is to reach the $6,600 as soon as possible. Fortunately, the market sentiment of such coins change in the blink of an eye and the difference between the moving averages is slowly decreasing. Once BTC reaches the major resistance level, the traders can expect a reversal in the current bearish trend
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