Bitcoin price analysis: ‘No recovery today’, bears reckon as BTC/USD remains range-bound

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