2018 low of $5873 the next major target, but tests a trend line on the hourly chart
The price of Bitcoin continues to be under pressure on concerns about regulation. The aftermath of the weekend hack (which sent the price tumbling on Sunday), is also keeping the pressure on the digital currency.
Looking at the daily chart, the price has moved below the swing low from April 2018 at $6450. The price is currently trading at $6384, down -$152 on the day. The low reached $6342. The price is also moving away from the 100 and 200 day MAs. Since mid March the price has been below both longer term MAs. That is bearish.
Drilling to the hourly chart, there is a reason to think dip buyers may step in.
Looking at the chart below, the price has tested the lower trend line at the low today. That trend line currently comes in around the $6330 level. If there is a light for the buyers/long, it would be if that trend line holds. If it is broken, however, it could solicit more downside. The move lower from Sunday has been fairly steady and that hurt the longs (i.e. pain).
