It’s a bearish start to the day as Saturday’s pullback continues into this morning. A Bitcoin move through to $6,500 would signal a breakout…
Bitcoin slid by 5.66% on Friday. Reversing a 0.95% gain from Thursday, Bitcoin ended the day at $6,370.0.
A bullish start to the day saw Bitcoin rally to an early morning intraday high $6,861.4 before hitting reverse.
Bitcoin came up against the first major resistance level at $6,856.47, before falling to an early afternoon low $6,571.3.
Finding support at the first major support level at $6,581.67, Bitcoin recovered to $6,690 levels before taking a hit.
A final hour sell-off saw Bitcoin slide through the first major support level at $6,581.67 and second major support level at $6,411.43.
Of greater significance, however, was a fall through the 23.6% FIB of $6,300 to an intraday low $6,256.0.
Finding late support, Bitcoin broke back through the 23.6% FIB to wrap up the day at $6,370 levels.
The near-term bearish trend, formed at late June’s swing hi $13,764.0, remained firmly intact, reaffirmed by the March swing lo $4,000.
For the bulls, Bitcoin would need to break out from $10,000 levels to form a near-term bullish trend.