Bullish Attitude At Risk Due To Potential Slide of Bitcoin
Between July 11 and 12, Bitcoin has been trading at a steady rate although a sudden decline may place a possible bullish trend at risk if Bitcoin’s value declines past $6000. Any positive attitude towards Bitcoin was negated after its decline on the 10th of July following its ten-day MA and provided a potential Bitcoin sell-off at $6K.
On the 11th of July, Bitcoin maintained its $6300 price, despite conditions at the time. The price level of $6300 was then established as a support level for the figure. Although Bitcoin did maintain its level, bullish investors were not convinced and several long-term Bitcoin trades were accelerated and resulted in a negative impact on the currency’s price.
Earlier on the 12th of June, Bitcoin dropped further in price to $6145, further increasing the risk of a drop below its support level. A bullish reversal of Bitcoin’s downwards pattern would experience a severe setback if the currency settles below $6000.
On the opposite side, bearish attitudes are expecting Bitcoin’s previous high of almost $7000 to drop back to its steep low of $5755 in June 2018. As of now, BTC’s only hope of maintaining its price about $6000 is the RSI presentation of Bitcoin’s massive true value drop and the long-term prejudice towards the bearish trend.
Risk of Drop
As it stands, the RSI charts detail a currently bearish trend and could potentially lead to another drop back to $5755 bearish price. Hourly charts are portraying another possible drop in Bitcoin back to its low of $5755, under the $6000 support level within one day.
If the currency is accepted at its low, a bullish reverse trend will stand no chance at forming as part of a massive risk sell-off. Should the currency find value over $6408, this would reverse the current bearish stance on Bitcoin.