Bitcoin Price Analysis - February 6

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BTCUSD Medium-term Trend: Bearish

Resistance: $8,500, $8,000, $7,500

Support: $5,500, $6, 000, $6,500

Yesterday, bitcoin was falling as a result of panic selling which resulted in a smooth downtrend. Also, there was retracement from the low at a price of $6059 to $6,543. .The market price  fell again to $6,158 .71.Today the market is still bearish because the downtrend has not reversed. The support levels of $5,500, or $6,000 may be breached. The downtrend may reverse at the support levels or when the major trend line is broken and price may soar higher.

The 50-day moving average and 20-day moving average are trending southward whereas the RSI period 14 is below 60. The general fear is that if the bears sustain the current downtrend the price will fall below the support levels.

BTCUSD Short-term Trend: Bullish

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The market is bullish in the short term trend. The 50-day moving average and 20-day moving average are trending northward signifying bullish movement. The RSI period 14 is below 40.Long trades should not be taken because the overall trend is bearish. Though, in the medium term trend analysis, buy trade setup can be found at the support; this offers buying opportunity for long term investors.