Bitcoin range trading continues as price stays trapped between $6000 support and $11700 resistance areas. While there is no clear direction it is likely that Bitcoin consolidation phase will extend further.
Current support is based at 61.8% Fibonacci retracement level, that is $7780, and this level corresponds to the descending channel breakout point. Therefore it could be considered as a strong support which as of yet has been rejected.
While the Bitcoin stays above that support the wave up should follow and could send price up to $10 psychological resistance. Break and close above it might result in a short term uptrend where the strong resistance is seen at 50% Fibs applied through the all time high, that is $12880.
On a downside, daily break and close below $7780 could result in further decline towards either the uptrend trendline or the strong support area at $6000.
Current support is based at 61.8% Fibonacci retracement level, that is $7780, and this level corresponds to the descending channel breakout point. Therefore it could be considered as a strong support which as of yet has been rejected.
While the Bitcoin stays above that support the wave up should follow and could send price up to $10 psychological resistance. Break and close above it might result in a short term uptrend where the strong resistance is seen at 50% Fibs applied through the all time high, that is $12880.
On a downside, daily break and close below $7780 could result in further decline towards either the uptrend trendline or the strong support area at $6000.
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BTC at the uptrend trendline
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Uptrend trendline rejected
