Bitcoin ranges above $6,300 as bulls and bears pause below the breakout level of $6,400. Before now the bulls were earlier resisted while attempting to break $7,000 resistance.
The bears broke the $6,400 support but were stopped by the bulls at the $5,900 support. The price moved up above $6,400 but it is currently trading above $6,300.
Nevertheless, if the selling pressure continues and the $5,900 support is broken, the downtrend will resume. BTC will certainly find support at the low of $5,500 and $5,000.Obviously; the market can turn upward to retest the $7,000 overhead resistance. This is possible where the bulls sustain the price above the $6,400 price level and there is a gradual upward move. Continual testing of the resistance level at $7,000 may weaken the level.
Presently, BTC is at level 44 of the Relative Strength Index. It indicates that BTC is in the downtrend zone and below the centerline 50. It also implies that Bitcoin may fall. At the moment, the EMAs are sloping horizontally indicating that the market is ranging.
Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000
Bitcoin has been trading between the $7,000 resistance and the support at $5,900. These are critical levels of price. Bitcoin may resume uptrend if the $7,000 overhead resistance is breached. Conversely, the downtrend may resume if the $5,900 support is broken.
Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.