Although Bitcoin (BTC) shows a large horizontal course over the last 24 hours, seeing below $ 6,000 will threaten an emerging bull chart as the downward trend will be accelerated. For now, Bitcoin buyers are waiting to see how much the price will go down.
BTC's Tuesday drop below 10-day moving average (MA) showed that transactions for $ 6,000 in favor of sales were accelerating.
crypto money yesterday, depending on the conditions of oversold $ 6,300 level, maintaining this figure as a short-term support. Beside this, leaping back, the bulls failed to reconsider.
As a result, BTC contracted as low as $ 6,145 in the early hours and traded at the level of $ 6,707 as of the end of the day. Clearly, the risk of falling below $ 6,000 has risen considerably in the last few hours.
Will Bitcoin buyers go to the scene at a potential $ 6,000?
What should be noted is that if the crypto money is traded below $ 6000,
The downward breakdown of the falling flag pattern suggests that sales at the last peak level of $ 6,820 have resumed and that the prices have risen to $ 5,755 on 24 June
The greatest moving averages (50,100 and 200) are pointing downward and pointing to the lowest resistance path. The probability that a break below $ 6,000 can come to the forefront seems high for now.
BTC's 6th. The only factor that could help keep it above $ 000 is the over-sold conditions shown by the relative power index (RSI).
The RSI is roaming under the (lower) level of 50.00, while RSI calculated on longer-term charts is mind-boggling. But it means that the oversold territory (below 30.00) has plenty of room for a fall of $ 5,755. (19659006)
Inverse head and shoulder formation consists of three consecutive pits.
In the case of the BTC, the lower left shoulder corresponds to 6.108 dolls. For this reason, BTC needs to form a right shoulder at $ 6,000 – $ 6,100. so BitCoin has to show buyers support at $ 6,000 and make a solid return action.
Bitcoin summary view
- Bitcoin risks may fall below $ 6,000 over the next 24 hours and the decline may extend towards the $ 5,755 decline on the last chart.
- Acceptance below $ 1,000
- At the top, a convincing move that is above a mere $ 6,408 (bear flag) will cancel the decline of the decline of the falling flag.
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