- Technically, Bitcoin price downward momentum is still in full swing and targets $6,000 and $5,000, respectively.
- The RSI recovery falls short of the average (50), resumes the downtrend as selling pressure mounts in the market.
Spot rate: $7,197
Relative change: 9.51
Percentage change: 0.13%
BTC/USD weekly chart
The long term falling wedge pattern suggests that Bitcoin will soon hit rock bottom and forge a recovery rally.
The most likely formidable support for BTC remains to be the 200 SMA in the weekly timeframe.
BTC/USD daily chart
Bitcoin continues to disintegrate within a descending channel whose support and resistance has been tested multiple times.
The death cross-impact is still being felt strongly as Bitcoin struggles to stay above $7,200.