Bitcoin (BTC): 6000 is a Key Technical Mark of the Cryptocurrency

Bitcoin (BTC): 6000 is a Key Technical Mark of the Cryptocurrency

Bitcoin (BTC): 6000 is a Key Technical Mark for the Cryptocurrency

$BTCUSD

Currently, Bitcoin is trading at 6,342.9951,-12.00, or -0.19%, as of 5:58a BST, the market is open

Bitcoin’s 6,000 price mark Key support, as for most part of Q-2 of Y 2018, Bitcoin price has hung around this zone with multiple bounces off the support mark.

Bitcoin price action in the last few months show us Fibo retracement after the run due North into the end of  Y 2017. The market action of the past few weeks continues to uphold the overall sentiment of market participants. This is in the anticipation of an ETF approval by the SEC, and other moves that could affect the price significantly.

The current mood of the market tends to agree with the suggestion that everyone is waiting for a trigger/catalyst in the form of an ETF or some other significant event before investors make decision.

This attitude, especially those related to Bitcoin-based ETF is seen by analysts as normal.

After rapid correction of the last 2 weeks, it is yet unclear whether the recent bounce off the established 6,000 Key support mark is strong enough to initiate a trend reversal. Any contrary move will only prove another temporary change in direction like several previous price actions around the same area.

Several predictions abound in the Bitcoin ecosystem, all suggesting the likely short term direction of price, especially as we approach Q-4 of Y 2018. A common denominator that cuts across these predictions and analysis is the reference being made to the Key support at 6,000 psych region.

While the market awaits a/any major decision, especially from the regulatory agencies, it is clear that technically, market makers and major players are focused the Key support that so far has proven important in the direction of Bitcoin and by extension all of the other cryptocurrencies, aka Alt-coins.

Have a terrific week

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Paul Ebeling

Paul A. Ebeling, polymath, excels in diverse fields of knowledge. Pattern Recognition Analyst in Equities, Commodities and Foreign Exchange and author of “The Red Roadmaster’s Technical Report” on the US Major Market Indices™, a highly regarded, weekly financial market letter, he is also a philosopher, issuing insights on a wide range of subjects to a following of over 250,000 cohorts. An international audience of opinion makers, business leaders, and global organizations recognizes Ebeling as an expert.

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