2018-11-14 18:44 |
Bitcoin has had a bearish start to the week recording three consecutive losing days. Today it is recording the most bearish movements of the week with Bitcoin losing about 2% over the past 24 hours.
Altcoins have had a mixed performance so far this week but today’s losses are also bearish for the altcoin market with many recording double-digit losses over the past 24 hours. This latest drop has brought the total cryptocurrency market cap to $203 Billion with Bitcoin representing over 53% of this.
The most bullish scenario for Bitcoin has been the higher lows which have been forming since June. Today’s drop brings price action far below the last higher low and leads to a far more bearish market structure. Price is trading around $6130 at the time of writing, but with strong seller momentum, it may drop further.
Bitcoin Daily Chart – Source: Tradingview.comThis drop brings Bitcoin close to the important $6000 mark. There has been significant support around this point a number of times this year, but after multiple tests, the next movement below $6000 may result in a sharp downward movement below.
Bitcoin has already dropped below $6000 twice this year and priced in a low around $5750. Both times, the price quickly retraced back above $6000. This time, buyers may not be as quick to rush in and bring the price back above $6000.
The hourly chart shows support coming in to play around the trend line connecting the higher lows forming since June. The eventual break below this point resulted in a sharp decline. Momentum is currently strong on the side of sellers with both the MACD and RSI decreasing. The outlook is bearish for the market leader.
Bitcoin Hourly Chart – Source: Tradingview.com Key Takeaways: Bitcoin breaks higher low trend line which has been forming since June. The outlook for the market leader is bearish with strong seller momentum. A return to the important $6000 point may result in a sharp decline below. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.Bitcoin Price Analysis: BTC Bearish Drop, Sub $6k Levels in Store? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.
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