Bitcoin Technical Analysis: BTC/USD primed for losses as $6,000 beckons

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%

Volatility: Low

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.

BTC/USD

Overview
Today last price	7223
Today Daily Change	35.11
Today Daily Change %	0.49
Today daily open	7187.89

Trends
Daily SMA20	7345.29
Daily SMA50	8134.97
Daily SMA100	8647.12
Daily SMA200	9367.03

Levels
Previous Daily High	7294.86
Previous Daily Low	7076.68
Previous Weekly High	7770.78
Previous Weekly Low	7082.55
Previous Monthly High	9580.19
Previous Monthly Low	6526.82
Daily Fibonacci 38.2%	7160.02
Daily Fibonacci 61.8%	7211.51
Daily Pivot Point S1	7078.09
Daily Pivot Point S2	6968.3
Daily Pivot Point S3	6859.91
Daily Pivot Point R1	7296.27
Daily Pivot Point R2	7404.65
Daily Pivot Point R3	7514.45

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