Categories: Cryptocurrency

Bitcoin could dump to $6,000 if this chart pattern plays out

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Crypto asset markets have crept up a little over the past 24 hours but larger-scale patterns on the charts are still bearish.

Total market capitalization is slowly grinding back towards $200 billion [AU$311 billion], but there has been no sign of a major breakout just yet.

According to Coinmarketcap.com, around $6 billion has returned to the space following yesterday’s decline.

Bitcoin is holding around $6,800 and has failed to revisit resistance above $7,000, which means a further dip could be on the cards.

Analysts have identified a head-and-shoulders pattern on the four-hour chart, which could target $6,000 should it break downwards.

The daily chart is also bearish, with BTC now trading well below the 50-day moving average following the death cross this time last month.

Ethereum is nudging back towards $160 with a 2.5% gain on the day but it, too, needs to break resistance to register any significant gains.

Today’s top altcoin is Binance Coin, which has printed an impressive 11% pump on the day to top $15. The launch of its Bitcoin options contracts may have driven the momentum.

The rest of the altcoins are making a couple of percent each, but the trend over the past week or so has been down.

Martin Young

Martin has been writing on technology for 15 years, he has a keen eye for emerging cryptocurrency news, blockchain developments, and market sentiment.

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Martin Young

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