Published on June 13th, 2018 | by bitcoin0
Bitcoin is still looking south, having hit four-month lows today, but the bearish momentum may wane due to short-term oversold conditions,
As a result, the price fell to $6,370 on Bitfinex today, the lowest level since Feb. 6.
At press time, bitcoin was slightly higher at $6,453.
The drop to the four-month low has bolstered the already bearish technical setup and raised the odds of a sell-off to $6,000 (February low).
The downside break of the pennant (bearish continuation pattern) indicates scope for a drop below the February low of $6,000.
Only a daily close above 10-day MA, currently seen at $7,214, would signal bearish invalidation.