Bitcoin price analysis: ‘No recovery today’, bears reckon as BTC/USD remains range-bound
|- Bitcoin bears pushed the helpless bulls unremorsefully past several support areas.
- The trend is bullish but the bulls require a catalyst to break from the range.
Bitcoin is stuck in a range following the waterfall drop on Thursday. From a high cliff above $6,500, Bitcoin bears pushed the helpless bulls unremorsefully past several support areas. Bitcoin took a pit stop on trading lows approximately at $6,6060 and once again defended the support at $6,000. The slight recovery that started after the drop has not been able to correction above $6,250 (upper range limit).
At the moment Bitcoin is trading at $6,202 supported closely by both the 50 SMA and the 100 SMA (15-minutes chart). There also been a slight upside movement from the support at $6,100 and BTC/USD is recording 0.77% growth on the day. Besides, the support at $6,100 there are other weak areas that would try to stop declines at $6,200 and $6,150 respectively.
On the upside, a break from the range whose upper limit coincides with the 38.2% Fib retracement level with the last upward swing at $6,552.9 and a downwards swing of $6,062.6 will open the way for a correction above $6,300. Looking at the chart, the trend is bullish but the bulls require a catalyst to break from the range and sustain an upward trajectory. The RSI is stretching at 50% but the MACD is still sending bearish signals while its stuck in the negative zone.
BTC/USD 15-minutes chart
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.