While everyone was happy the bears had finally run out of steam, the massive bear flag ruined the moment. Bitcoin (BTC) has failed to fight off selling pressure at the significant $6,425 support level and has opened the path for more loses. By bouncing off that support level this week, the Bitcoin to USD trading pair has created new support levels according to the analysis of Bitcoin Schmitcoin from Bitcoin Magazine.
Bitcoin (BTC) Price Analysis for June 22
From the one hour chart, the Bitcoin to USD trading pair managed to rally even if the price volumes where not at their best. The price started to hover around support levels and resistance levels at the same time. It’s still not clear if the pair is trading this way as a result of a redistribution trading range.
Bitcoin (BTC) Price Today / USD
The volume trend of the Bitcoin to USD pair is yet to confirm that there is a distribution or an accumulation. Traders should not attempt to trade at this point. A downward trend may continue because of the symmetrical triangle that lingered for too long. The current Bitcoin to USD trading pattern show that there is a bear flag hovering around, ready to resume the bearish regime.
Will the Bitcoin (BTC) Bulls OverCome the Bears?
From the current price trend, there is evidence of a bear flag. The bear flag isn’t the only threat as the trading volumes are being consolidated, and the upward trend is being weakened giving the downtrend more steam. If the bulls don’t build momentum soon, the pair will be set to decline as low as $4,000 to $1,700.
The Bitcoin to USD pair has found support on lows that were formed on other trading days. Unfortunately, the support isn’t firm thanks to the bear flag that can push Bitcoin to test the $4,000 level against the USD. The next few trading sessions will determine the strength of the bears and if the fall to $4,000 is imminent.