Bitcoin continues to extend its downward momentum on Tuesday, lately falling to its lowest trading since June this year.

The BTC/USD today opened at 6250-fiat and started recording losses thereafter – during the early Asian trading session. The pair formed a bear pole in pursuance of a breakout towards the south, as we had predicted in our previous analysis. It broke towards 5857-fiat, just shy of extending its bear run towards the June’s bottom at 5754-fiat.

The European trading session brought some corrective action to the market. But the upside continues to be so weak that it might not stay for dinner. The only good thing to take from the Bitcoin price action in the last 24 hours is that its losses are far lesser than the rest of the cryptocurrency market.

The latest BTC/USD action has brought us inside a new range, which is defined by 6180-fiat as our interim resistance and 5857-fiat as our interim support level. There is still room for smaller recoveries thanks to RSI and Stochastic indicators almost bottoming out. So a correction could bring some achievable upside targets in plain sight. Let’s start with our breakout positions.

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