Dominant bias for Bitcoin (BTC)- Ranging
Resistance Levels- $6800, $6900, $7000
Support Levels- $6000, $5900. $5800
BTC continues in a range-bound market. Efforts by the bulls to push price a little higher after a brief returned when BTCUSD was at 6462.9 in the support area was rejected. 6568.7 at the resistance area was the point the bulls could push to before the bears stage a return as the candle closes as gravestone doji followed y an inverted hammer which reflects strong bears presence. BTCUSD was down to 6528 in the support area. This was lower than the previous day low which was $6536.It is quite obvious that the bears are determined to continue the journey down south within the range.
BTC had already dropped to $6522.4 after today’s opening with a strong indication of a further downward movement. Price is below the two EMAS and the stochastic oscillator at 41% and its signal pointing down. These confirm the downward movement in the price of the cryptocurrency within the range.
BTC remains 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.
