Categories: Bitcoin

Bitcoin Price Intraday Analysis: BTC/USD Bottom in Sight

The Bitcoin drop has brought us near September 8 lows, which held the downtrend from extending. Therefore, we are expecting BTC/USD to find a reliable support near 6154-fiat while 6395-fiat is capping the correction as resistance. We are not hoping to enter a long position on lower lows formation but instead will wait for a confirmation of pennant formation to understand our long/short intraday positions.

Nevertheless, a close below 6141-fiat will have us enter a short towards 6000-fiat, our primary downside target while maintaining a stop loss just 4-pips above the entry point. An extended breakdown action could put price inside a free fall towards 5788-fiat on panic. But, it would also mark an ideal time for bulls to recapture attention and initiate a wild upside swing towards the descending trendline formation on daily charts.

Featured Image from Shutterstock. Charts from TradingView.

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