Bitcoin             has been flirting for some time with the critical support located around $6000-$6500, and each time the support has held strong. But continued failed attempts time and time again to push up to and through the critical resistance at $11500 is a very bad sign for the immediate value of BTCUSD             … each failed attempt increasing the likelihood we will fall below $6k. Once the support becomes resistance, we can expect to stay there for an extended period.

Essentially whichever of those two lines we cross first and stay across over 24 hours will tell everyone which way BTC             is going for the rest of the summer.

I remain bullish long term, but not until late 2018 do I expect us to recover from this extended downward movement. It seems likely after the pronounced drop of the past 48 hours, we will see a brief recovery, before testing $6k once again – but will it hold this time?

Please give me a thumbs up if you agree. If you don’t write a comment telling us why. This analysis is for educational purposes only and not a recommendation to buy or sell. Always do your own research before trading.