- Bitcoin dropped by a total of 10% over the past 24 hours as it pushes back beneath $6,000.
- The cryptocurrency is currently trading above a short term trend line but if it breaks we might see Bitcoin heading beneath $4,800.
Well, it seems that the bears are back in town as Bitcoin drops by a total of 10% today as it penetrates back beneath the $6,000 level once again. The cryptocurrency was looking like it was on the road to recovery over the past couple of days, however, it was unable to overcome resistance at $7,170 which caused it to roll over and fall.
It is currently trading above a short term trend line but if it breaks we might see Bitcoin returning beneath $5,000 and possibly make some fresh lows for March.
Bitcoin Price Analysis
BTC/USD – 4HR CHART – SHORT TERM
BTC/USD – 4HR – Source: TradingView
Taking a look at the 4HR chart above we can clearly see Bitcoin running into the resistance at $7,174 provided by a bearish .618 Fib Retracement. It was really unable to climb above $6,700 which caused it to roll over and drop back into previous resistance (now support) provided by a bearish .382 Fib Retracement priced at $5,911.
Short term prediction: NEUTRAL/BEARISH
Bitcoin remains neutral but a break of the trend line is likely to put it bearish again.
If the sellers push beneath $5,911 and the rising trend line, the first level of support is located at $5,786 (short term .5 Fib Retracement). This is then followed by support at $5,550, $5,467 (short term .618 Fib Retracement), $5,200, and $5,000.
If the sellers continue beneath $5,000,