Dominant bias for Bitcoin (BTC)- Ranging
Resistance Levels- $6800, $6900, $7000
Support Levels- $6000, $5900. $5800
BTC continues in a range-bound market. The strong bearish pressure within ensures BTC made a new low of $6524.3 on 23rd October as against the low of $6535 on 22nd October at the support area. Exhaustion sets in as the candle close with a wick. The bulls gradually stage a return within the range with the bullish railroad formation at $6540.2. BTC was up at $6580 in the resistance area before the session ended. Temporary rejection against further upward price movement occurred at the 50-EMA.
Price is hovering around the two EMAS but the stochastic oscillator is at 26% and its signal points up which implies upward price movement within the range may occur.
BTC is in consolidation and trading between $6800 in the upper resistance area and at $6300 in the lower support area of the range. Traders are advised to be patient at this critical period for a breakout at the upper resistance area or a breakdown at the lower support area before taking a position.