Bitcoin Again Rejected Crucial Resistance | Going Down Again?
Not a few hours ago, Bitcoin was going full on Bullish and touched $6600 briefly before falling down again in $6300-$6400 range. After a few Bullish moments, Bitcoin again fell down severely and now trading under $6400. Bulls have exhausted after reaching $6600 and then Bears took over the market.
So, Is Bitcoin again going to fall below $6000?
Well, not really and at least not now. We have to consider all the support and resistance to analyse the price movements in Bitcoin and for that we need our chart.
Let's have a look at updated BTC chart:
As we can see in the chart above, Bitcoin has clearly rejected $6600 level and we can see a sudden fall from that level. In above chart, we can see the 1-hr candles and some price levels on short-time.
- Bitcoin has rejected $6600 and we can clearly see the red candle with big volume rejecting that level, indicates the confirmation of rejection.
- If Bitcoin comes down further, next support level would be $6300 and then $6100. These price levels must hold or we're going to fall below $6000 in coming few days.
- If Bitcoin moves up from current price level, first level of resistance would be $6550 and the $6800, although a test of $6800 is highly unlikely gives the current market conditions.
- Volume has spiked during the fall, indicating a Bearish confirmation not a fake-out.
- So, most important levels to watch are: $6300 and $6500. Breaking either side, Bitcoin can reveal its upcoming price movement.
Thanks for reading ..!!
