Bitcoin (BTC/USD): another leg lower towards 6,000?

To define in a word the price dynamics in Bitcoin we could say that "correction" would be the most appropriate to refer to it. This is because the cryptocurrency is consolidating below the 200-hour moving average and has managed to fracture the Fibonacci level of 61.8%, opening the doors for more falls.

The closest support is at 7586, where bears could gain momentum to push the BTC towards new lows since the Parabolic SAR has mostly been in favor of the bearish bias. However, we are observing timid attempts to resume the upward trend in the short term, although the MACD indicator does not show clear signs.

What do we expect?

According to our forecasts in the short-term, the Bitcoin still does not show clear signs of a change in the general trend and it is possible that we will again see a fall towards the Fibonacci level of 78.6% in 7068. This would not yet invalidate the bullish hypothesis that We have for the medium term, although in case that area yields to the bears, the next obstacle would be at the psychological level of 6000. On the upside, the resistance level of interest is at 8906.

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Felipe Erazo