• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Sensei Inu Logo Sensei Inu Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino
Bitcoinist.com
No Result
View All Result
Breaking News: BREAKING: Three Arrows Capital Co-Founder Receives 4-Month Jail Sentence In Singapore
bitcoin price

Bitcoin Price Analysis: How Long Will $6000 Support Hold?

Eustace Cryptus by Eustace Cryptus
5 years ago
in Bitcoin Price, Bitcoin, Markets and Prices, News, News teaser, Trading
0

Bears remain fully in control of Bitcoin price, yet somehow, the $6,000 support is holding…for now.


Bitcoin Price: 4-Hour Chart

After posting a daily high at $6,460, bitcoin price fell below the wedge formation and constant rejections at the 20-MA have kept BTC [coin_price] in the pattern of lower highs.

Eventually, a bear flag formed and BTC continues to lose the hourly uptrend after every bull break so traders should either hold their powder or place tight stops in order to avoid being trapped by fake outs.

The drop below the ascending trendline was stopped at the $6,117 support but the overall scenario remains overwhelmingly bearish.

At the moment the bears have the ball, but the 4-hour chart shows higher lows being set throughout the day and a bullish divergence on the RSI does inspire a smattering of hope. However, earlier today the 50-MA dropped below the 200-MA, and all of the other short-term moving averages are crossed below the long-term MAs. 

BTC needs to move above the daily high at $6,460 (slightly above the 23.6% Fib retracement) and the 200-MA at $6,573, which is an area that will likely provide stiff resistance.

While more downside is likely, BTC does have support at $6,180, $6,122, $6,000 and $5,900.

BTC appears to be consolidating into a tighter range but still struggles to move above the 20-MA. The bullish divergence in the RSI throws mixed signals as the Bollinger bands constrict, but low buy volume and the consistent failure by BTC to move above the daily high (red line) suggest a move to the downside.

Of course, we would love to see otherwise but the recent bearish cross of the 50-MA below the 200-MA make the possibility of such an outcome less likely.

Daily Chart

Looking Ahead

BTC [coin_price] appears to be on a path to $6,000 unless the technical setup changes or a bullish media story can shift sentiment. One can only hope that a move below $6,000 will lure buyers and produce a nice bounce, or better yet, a trend reversal. At this point, this is nothing more than wishful thinking.

A bullish divergence can be seen in the 4-hour RSI but all other indicators are bearish so try and curb your enthusiasm.

BTC needs to move above the daily high at $6,460 (slightly above the 23.6% Fib retracement) and the 200-MA at $6,573 in order to garner buyers’ interest.

[Disclaimer: The views expressed in this article are not intended as investment advice. Market data is provided by BITFINEX. The charts for analysis are provided by TradingView.]

Where do you think Bitcoin price will go this weekend? Let us know in the comments below! 


Images courtesy of Shutterstock, Tradingview.com

ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

Eustace Cryptus

Eustace Cryptus

Educator by day, crypto zealot at night. I scour charts, swing trade & ponder blockchain’s ability to transform cities, commerce and the entire banking system as we know it!

Related Posts

Bitcoin price $30,000

Bitcoin Price Sets Sights On $30,000 As Holder Metric Hits New All-Time High

16 hours ago
Bitcoin

Bitcoin Long-Term Metrics Point To A Different Scenario Than 2019 Fakeout: Top Analyst

18 hours ago
Bitcoin

Bitcoin Hash Rate: Public Miners Account For Just 28% – Is Decentralization In Jeopardy?

21 hours ago
Bitcoin

Bitcoin Recent Hiccup: Understanding The Invalid Block 

2 days ago
BitBoy

Crypto Influencer ‘BitBoy’ Arrested Live On YouTube – Here’s What Happened

4 days ago
Bitcoin

Could Bitcoin Be On The Verge Of New ATH Rally? Analyst Identifies These Conditions

4 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit

Press Releases

  • Best 7 Cryptos For Beginners To Buy

    37 mins ago
  • From Setbacks to Success: Uwerx’s Recovery/Relaunch...

    3 hours ago
  • Prepare for the Next Bull Market: The 5 Best Cryptos to Buy...

    7 hours ago
  • Meta Force and Lado Okhotnikov Presented the Results of...

    19 hours ago
  • Bitcoin (BTC) and Litecoin (LTC) Ascending – Is it a...

    23 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
      • Casino utan svensk licens
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Best crypto casino

© 2023 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.