LONG-TERM Trading Signals for BTC/USD

Bias for Bitcoin (BTC) – Ranging

Resistance Levels- $6800, $6900, $7000

Support Level-$6100, $6000. $5900

Bitcoin is still in a range-bound market on the long-term outlook. The struggle for the market control between the bulls and bears remains obvious. The bulls progressive movement that started on 12th October after the spinning top saw BTCUSD at $7788 in the supply area on 15th October. This led to the break of the upper resistance area and the 200-EMA.

The bears’ pressure forced the candle to close at $6742 within the range and below the 200-EMA. BTCUSD was down to $6511 in the support area on 20th October due to the sustained bearish pressure.

The formation of a bullish railroad on 20th October indicates the bulls gradual return.  Should the daily candle of 21st October close bullish, it will suggest the bullish pressure within the range will be stronger as price sits above the 34 EMA

Bitcoin is in consolidation and trading between $6700 in the upper supply area and at $6250 in the lower demand area of the range. A breakout at the upper supply area or breakdown at the lower demand area is imperative. To flow with the trend, traders should be patient to allow this to take place before taking a position.