Dominant bias for Bitcoin (BTC)- Bearish
Resistance Levels- $6800, $6900, $7000
Support Levels- $6000, $5900. $5800
BTC continues in a bearish trend. Strong bearish pressure is present in the market. The break of the descending channel in yesterday analysis was with a large bearish engulfing candle. This took the cryptocurrency to a low of $6320.8 at the support area before lost in momentum. The bulls gradually stage a return as signalled by the bullish pinbar before the end of yesterday session.
Confirmation to the bulls’ presence was the 4-hour opening candle at $6346.60 and increased momentum saw BTCUSD at $6383.60 in the resistance area earlier today.
The bullish upward moves are pullback necessary for the downtrend continuation.as the bears are back as denoted by the inverted pinbar at $6365.10. This is an indication that the downtrend continuation may resume shortly as confirmed by the bearish 4-hour candle forming.
BTC Price is below the 10-EMA and the stochastic oscillator is in the oversold region at 17%. This suggests strong pressure in the market and the subsequent downward movement of the BTCUSD. $6200 at the support area may be retested as the bears’ pressure becomes much stronger
