Bitcoin price to hit $6,000, technical analysis indicates

By Steven Anderson March 15, 2018 Off
Bitcoin Cryptocurrency

Bitcoin price is currently declining alongside all other cyrptocurrencies and according to experts, bitcoin price could reach $6,000.

Things were moving towards a positive note for bitcoin up until a few days ago when the price was above the $11,000 mark but ever since bitcoin price has continued to decline and as of this writing the cryptocurrency is trading at below $8,000. If the current bitcoin price decline continues, the price may head further down to reach the current channel support at $6,000.

If we look at other cryptocurrencies, BCH is clearly downtrending. After the important support breakout at $1,180, the price headed down, forming a fresh low. A pullback followed, with the current channel resistance test just confirming the continuation of the downtrend.

Technically, Bitcoin Cash is currently trading withing a tight ascending channel. By breaking out this channel’s support, the price may finally head to the major support at $650.

With the overall descending channel being stable, the price may also go up to break out the resistance at $1,080, with the next upper target being $1,320.

Ether is very stable while moving within its major long term channel. Short term, the digital coin is also descending.
The support is currently being tested and is very likely to end up broken out, with the price moving to the lower projection channel. The current support is at $647.89, and if broken out, Ether may reach $475.

Overall, the local downward movement is becoming faster. Speaking of long term downtrend targets, the major one may be as low as $100, i.e. the long term channel support.

A descending trend is still prevailing when it comes to Ripple prices. Meanwhile, the market has broken out the lower flat trend border, which means the price may well reach the current channel support at $0.28. However, this may only happen after the current support is broken out and the price is able to maintain below $0.72.

The forecast can all be considered speculations and so we ask our readers to do their research before making any decisions as we are not to be held responsible for any losses you may incur based on the news reported here.