Bitcoin $BTCUSD has a bearish bias at the moment as price trades below the 200-, 100-, and 50-day simple moving averages (SMA). But at the same time, price has been holding above the $6000 mark for the most part, other than brief crosses below. From the daily chart, I would say that the market is bearish-neutral. For me, a break above $7500 would be needed to suggest a price bottom. A break below $6000 on the other hand opens up $5000-$5100 support area with an aggressive downside risk to $3000 as well. BTC/USD Daily Chart(click to enlarge)-The daily chart shows us a descending triangle, which has some bearish implication because of the ability to make lower highs.- The pressure is on the $6000 level.- Let’s take a look at the 1H chart.BTC/USD 1H Chart(click to enlarge)- The 1H chart shows us a range and a bullish breakout from that range.- Then after failing to clear $6800, price fell back into the middle of the range.- Because price is still above the middle of the range, the bullish breakout is still valid.- However, price is now under the cluster of 200-, 100-, and 50-hour simple moving averages. Actually it is testing the cluster today as resistance.- Even in the 1H chart, there is no clear sense of direction.- However, I just see more bearish bias in both the short-term price action and the overall 2018 price action.- Also, with the highs getting lower and lower (in the descending triangle), it looks less and less attractive to buy from the $6000 support.From CoinPowR