Bitcoin Price Key Highlights Bitcoin price is still heading lower as it trades below a descending trend line on the 1-hour chart. Price looks prime for a pullback as it hovers above the $6,100 area, and bears might be waiting at the trend line. Applying the Fibonacci retracement tool also shows where sellers might jump in. Bitcoin price is trending steadily lower below a descending trend line and might be ready to make a correction soon. Technical Indicators Signals The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. However, RSI is starting to climb out of the oversold region to signal that buyers are taking over while sellers take a break. Stochastic is also heading north, so bitcoin price could follow suit. This
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