RATE Group | Bitcoin Price Analysis: How Long Will $6000 Support Hold?
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Bitcoin Price Analysis: How Long Will $6000 Support Hold?

12 Sep Bitcoin Price Analysis: How Long Will $6000 Support Hold?

Posted at 13:29h in Bitcoin News by

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Bears remain fully in control of Bitcoin price, yet somehow, the $6,000 support is holding…for now.

Bitcoin Price: 4-Hour Chart

After posting a daily high at $6,460, bitcoin price fell below the wedge formation and constant rejections at the 20-MA have kept BTC 00 in the pattern of lower highs.

Eventually, a bear flag formed and BTC continues to lose the hourly uptrend after every bull break so traders should either hold their powder or place tight stops in order to avoid being trapped by fake outs.

The drop below the ascending trendline was stopped at the $6,117 support but the overall scenario remains overwhelmingly bearish.

At the moment the bears have the ball, but the 4-hour chart shows higher lows being set throughout the day and a bullish divergence on the RSI does inspire a smattering of hope. However, earlier today the 50-MA dropped below the 200-MA, and all of the other short-term moving averages are crossed below the long-term MAs. 

BTC needs to move above the daily…

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