(Photo Illustration by Avishek Das\/SOPA Images\/LightRocket via Getty Images)<\/p>\n
After hitting nearly $14,000 in late June, Bitcoin has disappointed investors by falling 50%. Bitcoins price action over the past five months appears to be forming a channel pattern as the cryptocurrency bounces between its downward-sloping support and resistance lines. A decisive, high-volume break above this channel would signal that further gains are likely ahead, while a break below this channel would increase the probability of further downside action. It is also important to keep an eye on the $6,000 support level that has played an important role in the past two years.<\/p>\n
Bitcoin Daily Chart<\/p>\n
The weekly Bitcoin chart puts the $6,000 support level and the price channel of the past five months into better perspective. If Bitcoin is going to launch another bullish move, the $6,000 support would be an important base to do it from. If Bitcoin breaks below both its price channel and the $6,000 support level, it would increase the probability of further bearish action as the 2019 rally continues to unravel.<\/p>\n
Bitcoin Weekly Chart<\/p>\n
For now, investors and traders should keep an eye on how Bitcoin acts within its channel and at its critical $6,000 support level. <\/p>\n
<\/p>\n
Go here to see the original: <\/p>\n
Here Are The Key Bitcoin Levels To Watch - Forbes<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" (Photo Illustration by Avishek Das\/SOPA Images\/LightRocket via Getty Images) After hitting nearly $14,000 in late June, Bitcoin has disappointed investors by falling 50%. Bitcoins price action over the past five months appears to be forming a channel pattern as the cryptocurrency bounces between its downward-sloping support and resistance lines. A decisive, high-volume break above this channel would signal that further gains are likely ahead, while a break below this channel would increase the probability of further downside action Continue reading