Bitcoin often turns technical analysis on its head, and might be about to do it again.
Bitcoin and the equities markets both took a tumble this week, leaving many to wonder if BTC is more safe haven or risk asset.
After Thursday's range breakdown, the prospects of a deeper drop in BTC prices have increased, the price-volume analysis indicates.
Bitcoin's sudden drop to three-week lows has turned the tide in favor of the bears. So is $6,000 the next stop?
Bitcoin's ascent has again been cut short by a key moving average, which has been suppressing bull action since mid-September.
Bitcoin took a bullish turn Monday, but caution is warranted as trading volumes remain near yearly lows.
Bitcoin price volatility continues to drop, with the weekly price range hitting its lowest level since July 2017.
Bitcoin's prolonged period of consolidation could end with an upside break if prices clear key resistance at $6,800.
Bears have been emboldened by the latest dip to $6,400, but bulls might be ready to fight back as a trend line of support comes into play.
Bitcoin could feel the pull of gravity in the next 24 hours, having failed to beat a key moving average hurdle for four days straight.