BTC/USD: Bitcoin Starting To Turn Lower After Being Rejected From $6,550

  • Bitcoin trading lower after being rejected from $6,500 level
  • BTC/USD set for 10% trading-loss this week

Bitcoin is starting to move lower again on Friday after traders rejected the world’s number cryptocurrency from the $6,550 level. The BTC/USD pair has suffered heavily since the SEC delayed its decision on a Bitcoin ETC, at current trading levels the BTC/USD pair looks set to finish the week with a mighty ten per cent loss this week.

Looking at the technicals for the BTC/USD pair, it appears that short-term cryptocurrency traders are looking for a break of the $6,055 to $6,550 trading range.

If we see the $6,055 level break with conviction, I believe the BTC/USD pair will likely head under the $5,950 level and head towards the July trading-low, just above the $5,700 level. A move towards the $5,700 level should also concern any BTC/USD bulls, as a large head and shoulders pattern is forming on the BTC/USD pair.

Looking at the upside, if the $6,550 level is broken, buyers will likely test towards the $6,730 and $6,838 levels, as they formed key resistance points before the BTC/USD pair’s strong breakout move towards the $8,400 level last month. Bulls would ideally like to stabilize price above these two areas and build momentum to move price beyond the $7,000 level.

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Bitcoin turning lower form $6,550

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