Bitcoin closes in on a retest of $6000 zone #btc

By Richard Mason

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Bitcoin is again encroaching on a test of the $6000 area, having bounced with gusto from the level back in February. It’s currently clinging on to horizontal support at $6611 but should this fail I anticipate a swift 10% drop will follow. There is some support just under the round number around $5850/5900 should it be called upon. The Relative Strength Index (RSI) is oversold but has been showing weakness, allowing the possibility of a further dip below an RSI of 30. If there’s a successful bounce from here, a move above that blue line of diagonal resistance based on previous highs would keep this Cryptofrenzy alive.

Author: Stuart Langelaan

Disclosure: The Author holds no position in the financial instrument mentioned in this piece

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Author: Richard Mason

This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.