Bitcoin price analysis: BTC/USD not escaping the curse of current bearish trend, only a matter of time for extended move lower

  • Bitcoin price once again adding to its heavy losses for the year of 2018 so far.
  • Support is holding for the time being between $6,500-6,400, the price continues to penetrate this zone.

The Bitcoin price has yet again produced further losses during trading on Friday, down as much as 2.5% in the early session. Further bloodshed has been the case from the start of the trading week, falling from a price as high as $7,500.

A descending trend line has firmly capped the price action and directed it lower for over a month, falling from $11,500 at the start of March. On each occasion the price has touched the mentioned resistance, it has been knocked back down by some force, 24th March then hit to lows of $6,400, 3rd April again the price met the line, now falling at some pace since.

Support for now is holding BTC/USD from an extended move lower, tracking between $6,500-6,400, which is the very bottom of the range for eyed support zone. A breach below could be catastrophic for the price. Upside resistance remains in just a $500 distance above at the $7,000 mark.


BTC/USD 4-hour chart

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