“Over on the daily chart, a sustained break below $6,600 (neckline support) would invalidate the bullish setup indicated by Friday’s double bottom breakout,” according to Coindesk. “It’s worth noting that the cryptocurrency found takers below that level on Saturday. So, the bears may want to see back-to-back UTC closes below $6,000 before jumping the gun.”
Some market observers believe bitcoin can rally into year-end, but that $8,500 might be the highest price achieved before the start of 2019.
“Should the cryptocurrency defend $6,000 in the next 24 hours, then the top edge of the pennant pattern, currently located at $6,970, could come into play,” notes Coindesk. “The weekly chart shows that BTC created a bullish outside-week candle last week, adding credence to the persistent defense of $6,00–$5,800 range over the last three months.”
For more information on the cryptocurrency market, visit the Bitcoin category.