Bitcoin is starting to weaken towards the $6,100 level in early Tuesday trade as the entire cryptocurrency market comes under heavy selling pressure.
The BTCUSD pair trades close to the neckline of another bearish head and shoulders pattern with a $500.00 downside projection.
Traders should expect heavy selling if the $6,050 level is broken and price remains under this key area.
The BTCUSD pair is bearish while trading below the $6,050 level, key support is found at the $,5,700 and $,5,150 levels.
If the BTCUSD pair trades above the $6,500 level, buyers will likely test towards the $6,730 and $6,800 resistance levels.
The BTCUSD pair trades close to the neckline of another bearish head and shoulders pattern with a $500.00 downside projection.
Traders should expect heavy selling if the $6,050 level is broken and price remains under this key area.
The BTCUSD pair is bearish while trading below the $6,050 level, key support is found at the $,5,700 and $,5,150 levels.
If the BTCUSD pair trades above the $6,500 level, buyers will likely test towards the $6,730 and $6,800 resistance levels.
