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 the range is dominant with BTC at a low of $6536 in the support area before the end of yesterday session. Although the bull had a brief hold of the market at the opening with the bullish railroad at $6550 and BTCUSD up to $6626.3 above the two exponential moving averages but lost momentum for uptrend continuation.
The bears’ return was gradual with the cryptocurrency down to $6579.20 just as the candle closed below the two EMAs. Increased bearish momentum ensured that $6536 the low of the day was attained before the end of trading session. The 4-hour opening candle today at $6554.10 sustained the bears’ pressure with BTC dropped to $6462.90 at the support area earlier today within the range
BTC Price is below the two EMAS and the stochastic oscillator is at 37% with its signal pointing down. These suggest a downward movement in price may occur 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. 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.