The Bitcoin price struggled so much with the SegWit2X confusion and moved below 6500 USD.
The BTC and USD pair could continue to diminish, and it may also break at 6000 USD.
Technical Factors – BTC/USD Pair:
The Bitcoin price had struggled to move over 7770 USD and started a downward movement. With SegWit2X confusion, there has been a break in the bullish market with the support at 6780 USD. It is clear in the 4-hours trading chart of BTC with USD. The BTC/USD pair is currently well in the 6500 range and stays bearish.
It had been yet another bullish week – the bitcoin price had moved over the 7500 US Dollar level. Bitcoin was even able to jump over 7700 USD and was trading at a new all-time high of 7773 USD. After that because of the Hard Fork confusion, it failed to maintain the bullish trend and began to fall. It broke that the 23.6 percent Fib retracement level of the previous wave by the 5362 USD. The downward move was influential as the cost broke the 7000 level along with the simple moving average 100 – H4.
Bitcoin Weekly Price Analysis
The BTC sellers even broke a significant uptrend with a decent support at 6780 USD as per the 4-hours chart. Also, the BTC/USD pair is currently well under the 50 percent Fib retracement level of the previous wave, that is 5362 USD. That is why there may be a possibility for this decline to continue even longer. At the moment, the BTC/USD appears to be come down to $6000, which could be a new support. When a break occurs at $6000 range, the price could come down even more.
The price could come down between $5600 and 5700.
BTC/USD pair technical indicators:
- 4-hours Moving Average – The MACD is currently gaining pace into being bearish.
- 4-hours Relative Strength Index – The Relative Strength is at the oversold levels.
- The Current Major Support Level is 6000 USD.
- The Current Major Resistance Level is 6750 USD