Bias for Bitcoin (BTC) – Ranging
Resistance Levels – $6800, $6900, $7000
Support Levels – $6100, $6000. $5900
BTC is in consolidation on the long-term outlook. The task of who control the market depends on the breakout or breakdown likely to occur in coming days from the range. The bears continued pressure to drop the cryptocurrency further down at $6220 in the demand area was rejected with a bullish spinning top on 12th October. This signal bullish takeover. The price rose to $6399.30 in the supply area.
BTC was at this demanding area on 12th August, 9th and 18th September with subsequent bullish movement to the supply area.
The stochastic oscillator lies in the oversold region at 19% and its signal points up. This implies the possibility for upward price movement as the cryptocurrency ranges.
BTC 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.
