Baxia Markets
June 07, 2022

Bitcoin retraces after breaking resistance.

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The cryptocurrency failed to complete the breakout of the resistance at the 23.6% Fibonacci retracement level and fell 5.6% in the trading session. The pair currently trades below the short and long-term moving averages, indicating that the downtrend continues.


The Bollinger bands are narrow compared to what we are used to seeing on Bitcoin, the pair trades between the bands after today's loss, and the price is considered relatively fair. The upper band acted as a resistance that drove the price down. We believe that the consolidation period is likely to continue until the resistance at $32,375 or the support at $28,888 is broken.


BTC June 6th 2022


The relative strength index is at 42% which will give the pair the ability to move in either direction at the moment, the support is likely to be tested once again and from there we will see how the pair behaves in the upcoming sessions. Our parabolic SAR indicator suggests that the price is likely to move down after a three-day winning streak ended.


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