Dominant bias for Bitcoin (BTC) –Ranging
Resistance Levels- $6800, $6900, $7000
Support Level-$6000, $5900. $5800
BTC is in consolidation. The bullish pinbar at $6640.00 in the support led to the bulls return with BTCUSD up $6897.28 in the resistance area. Lack of bullish momentum for upward price movement was seen as the candle closes with a wick. This set the stage for the bears’ return confirmed by the bearish hammer. BTCUSD dropped to $6669.4 in the support area as the cryptocurrency enters the range.
BTC Price lies below the 10 EMA but above the 200 EMA. The stochastic oscillator is at 27% and its signal points down which suggests further downward price movement within the range.
BTCUSD is in consolidation and trading between $6800 in the upper resistance area and at $6300 in the lower support area of the range. A breakout at the upper area will be good for a long while a breakdown at the lower area suggests shorting the cryptocurrency.
