RATE Group | BTC/USD primed for losses as $6,000 beckons
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BTC/USD primed for losses as $6,000 beckons

13 Dec BTC/USD primed for losses as $6,000 beckons

Posted at 04:38h in Bitcoin News by

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  • Technically, Bitcoin price downward momentum is still in full swing and targets $6,000 and $5,000, respectively.
  • The RSI recovery falls short of the average (50), resumes the downtrend as selling pressure mounts in the market.

Spot rate: $7,197

Relative change: 9.51

Percentage change: 0.13%

Volatility: Low

BTC/USD weekly chart

The long term falling wedge pattern suggests that Bitcoin will soon hit rock bottom and forge a recovery rally.

The most likely formidable support for BTC remains to be the 200 SMA in the weekly timeframe.

BTC/USD daily chart

Bitcoin continues to disintegrate within a descending channel whose support and resistance has been tested multiple times.

The death cross-impact is still being felt strongly as Bitcoin struggles to stay above $7,200.

 

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