After the Bears extended their minimum action to $ 6,600, bitcoins felt together and will defend support for $ 6,500. The lowest weekly rate, which was about $ 6,553, signaled a fall in recent prices. However, many analysts and cryptocurrency enthusiasts do not believe that Bitcoin is, in principle, ready for recovery. They forecast further losses of less than $ 6,500-6,000. Interestingly, Jacob Canfield, a popular Twitter analyst, says the biggest cryptography in the industry-negative world costs $ 5,500. He wrote:
“I think we could see $5,500 personally, as it is the 78.6% from the swing low to swing high, but we may see a bounce or two in between here and there.”
Bitcoin is currently holding at $ 6500 after a slight recovery. However, the risk of replicating $ 6500 support remains high. For example, the Relative Strength Index (RSI) is sanded sideways at 30. Horizontal movement occurs after a short-term recovery from 22:15. If the move continues in the same position, Bitcoin could push consolidation between $ 6,600 and $ 6,700.
BTC/USD 2-hour chart
BTC/USD price chart by Tradingview
Unfortunately, the pressure on the bears is still higher than Bitcoin. In addition, the current trend is bearish with high volatility. 2 hours also show an increase in the gap between the EMA 50 and the EMA100. These moving averages of $ 6,906 and $ 7,042, respectively, will hamper recovery in upcoming sessions. The task of the bulls is to keep the price above $ 6,500 so that another downward spiral does not turn into $ 5,500.
Bitcoin Key Levels
Spot rate: $6,646
Daily percentage change:
Trend: Bearish bias
RSI: Ranging, hints continued sideways trading