Bitcoin Is Barely Holding $6000 Support Level As Overall Bearish Sentiment Is Still In Play

Well, Bitcoin is barely holding $6000 support as we all aware of this fact. On 11th July, Bitcoin was trading was above $6700 but suddenly Bears entered and pushed its price under $6400 and since then it fell below $6200 on 12th July and now because of slight Bullish sentiment, Bitcoin is trading around $6250.

Since BTC's May 2018 price i.e. $9950, we have already seen almost 37% correction in its price. Market capitalisation has slightly risen to $249 Billion while the overall sentiment is still Bearish. 

Let's understand the current scenario in chart below:

If we look at the chart, we can see the continuous downtrend since May's Bullish run which led the BTC's price to $9960. With the continuous Bearish sentiment in the market, BTC price even went lower than $5800 for a while but rectraced quickly above $6000.

Since July's first week, Bitcoin has tested $6800 four times and rejected every time and that's why price has again fallen in sub $6000 level. 

Now, Potential Inverse Head & Shoulder Pattern is our last bet to see Bullish run in Bitcoin. If this pattern plays out, we can see BTC price around $7800 in coming month. But if fails to play this patter, this is highly likely that we can fall below $5800 this time. 

Short term resistance for BTC is $6400 and then $6800. 

Short term support for BTC is $6000 and then $5800.

Overall sentiment is pretty Bearish currently and until BTC surpass $6800, the sentiment will remain Bearish.

So, if you're trading Bitcoin, have a tight stop loss to avoid any potential loss.

Thanks for reading ..!!

Image Credit 1, 2