Bitcoin Price Analysis: The 6K level looks vulnerable to another downside break

Bitcoin had been trading higher for most of the session but just recently dipped into negative territory.
The 6K level looks like it might be broken again as upside momentum weakens.

BTC/USD 1-hour chart

Bitcoin had been trading higher for most of the session but just recently some selling pressure has put it into negative territory. The top of the consolidation period at 5,985 could act as support but 6K looks to be doing a good job at the moment. The price is also above the 55 SMA and this indicator does also sometimes provide support.

Looking at the chart now, the MACD histogram has turned negative but the signal lines are still above the zero line which is still positive. 7K seems to have been just a step too far for the Bitcoin bulls as there was a firm rejection at that level along with a bearish candlestick formation.

The target could be 5,285 to 5,300 which is the middle of the consolidation period and could be considered the mean value area. The overall trend is also down so shorts could be in favour at the moment.

Additional levels

BTC/USD

Overview
Today last price	6196.33
Today Daily Change	11.52
Today Daily Change %	0.19
Today daily open	6184.81

Trends
Daily SMA20	7266.96
Daily SMA50	8703.21
Daily SMA100	8266.3
Daily SMA200	8480.66

Levels
Previous Daily High	6432.65
Previous Daily Low	5265.4
Previous Weekly High	8899.6
Previous Weekly Low	3886.49
Previous Monthly High	10511.86
Previous Monthly Low	8431.17
Daily Fibonacci 38.2%	5986.76
Daily Fibonacci 61.8%	5711.29
Daily Pivot Point S1	5489.26
Daily Pivot Point S2	4793.7
Daily Pivot Point S3	4322.01
Daily Pivot Point R1	6656.5
Daily Pivot Point R2	7128.2
Daily Pivot Point R3	7823.75

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