Since rejecting the $8,500 region 3 months ago, price has been in a clear downtrend with prices rejecting the major level of $6,000 this week. The next week is very important if price is to find support here, if price manages to close below this level we could see it plummet within hours back down as low as $5,000 before falling even lower.
The weekly chart highlights the clear downtrend as well as the rejection price has seen at the $6,000 support zone. The $6,000 zone, when previously rejected has seen prices significantly rise again, however i believe we could see prices consolidate around this area for a while before showing investors and traders the next directions in which it will head. The most likely short term scenario for myself is a retest of the $6,000 zone before we see a clear indication of Bitcoins next move.
RE: Analysis and price Bitcoin (BTC) $6,338.81 USD (3.03%) Aug 12, 2018