Viktor Karapetjanc
Crypto Post
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.
All writers’ opinions are their own and do not constitute financial advice in any way whatsoever. Nothing published by CryptoPost constitutes an investment recommendation, nor should any data or Content published by CryptoPost be relied upon for any investment activities. CryptoPost strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making any financial decisions.
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