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.
Follow us on Telegram
Stay updated of all the news
Ethereum Layer 2 rat race intensifies, here's how to benefit
The narrative of Ethereum Layer 2 solution token’s is heating up with the shift in focus to altcoins. Bitcoin and Ethereum price rallies grinded to a halt after the recent rate hike announcement by The Fed.
TRON price crashes 12% as SEC charged founder Justin Sun for violating securities laws
TRON price plummeted on March 22 after the cryptocurrency became the new target of the ongoing regulatory crackdown in the United States. The Security and Exchange Commission (SEC) is now looking into Tron founder Justin Sun’s company and related entities of the altcoin’s ecosystem.
ApeCoin price at crossroads, looks to retest February highs amid the alt season but there's a catch
ApeCoin price is at crossroads after trading within a symmetrical triangle on the one-day chart. The altcoin is in a neutral formation reliant on the impending breakout that will determine the direction of the next move. The pattern contains at least two lower highs and two higher lows.
Arbitrum's ARB token goes live, here is what to expect
The Arbitrum ARB governance token airdrop goes live marking the beginning of the Ethereum layer-2 solution’s transition into decentralization. Experts on crypto Twitter have warned airdrop participants of issues that arise in claiming ARB airdrop and shared solutions for the same.
Weekly Recap: Bank runs, stablecoin drama, Voyager bankruptcy hearing, threat to DOX Shiba Inu founder
US bank runs sent shockwaves through market participants, traders turned to Bitcoin and the “safe haven” narrative made a comeback. Binance’s $1 billion acquisition of bankrupt crypto lender Voyager is back on track with a ruling from a New York bankruptcy judge.