Manoj B Rawal
Independent Analyst
- Bitcoin just around long term support area.
- Breakdown would be disastrous.
Bitcoin, the largest cryptocurrency by market capitalisation, is flirting with a long term support line and any more weakness from here would mean its a long term bear market they may not end any time soon.
BTC/USD is up more than half a percent at $6,525 and trading in a narow band of less than $100 for the day - a sign of low volume and low volatility trade over the weekend.
On the daily chart, BTC is sitting right above the long term trendline support which is placed at $6,457, not far from current levels. Any volume led break down fom here would mean severe lower levels for the largest crypto which would also take others along.
BTC/USD daily chart:
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