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Bitcoin Tech Analysis: Market Weak & Uncertain as it Consolidates Near Range Lows

Just when the price of Bitcoin was looking stabilized and the market was expecting a bounce, it crashed to reach down towards the lows of the long-term consolidation range.

After touching the lows of $6,200 level, the BTC price has stabilized and is currently hovering around the $6,300, trying to gain enough momentum to break higher. In the smaller range has a high at around the $6,450 level, is offering a strong resistance and if it breaks higher then it could reach towards the $6,800 level.

Analysing the daily and weekly chart patterns, it seems that the Bitcoin prices have bottomed out and likely to consolidate in this range further before moving higher. The consolidation range sets at $6,200-$6800 level and if it breaks lower, then it can see the levels of $5,800 level and much lower (an extremely bearish development).

Daily
Monthly

In the hourly chart combined with stochastic, the pattern and the momentum indicating a short-term weakness. Bitcoin is likely to test the $6,200 level again and if it breaks below this level, then $6000 level will be the next major support.

Hourly Chart

All other coins including, Ethereum showing signs of life and is trying to regain the $200 level, a psychologically important level. Looking ahead to the rest of the weekend, no major price movement is expected and sideways momentum to continue in the market.

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