Disclaimer: This article is not intended as an investment advice and published for educational purposes only. BTC markets are highly volatile and risky in nature. DYOR before making any investment decision rather than listening to a stranger over the Internet.
BTC has entered a ranging mode and refused to break below $6,000. BTC is trending at $6,700 at the time of writing this analysis with a strong overhead resistance between $6,750-7,000. The $6,500-6,600 is an interim support level and the $6,000-5,880 is the strong support level.
Bitcoin is ranging close and investors are looking for a direction. The bulls and bears are in an epic fight to gain control. Bears have repeatedly failed to break below the range of $6,200- $5,850 while as bulls have failed to print a higher high on the daily or higher timeframes. The current range is closing in and BTC will be forced to make a large move in a few weeks or sooner. BTC is neither bullish nor bearish currently. The Crypto Twitter is divided between two extremes: some of them are extremely bearish and anticipating a break below and start of a secondary bear market, others argue about $6,000 is the absolute bottom and there is no way BTC can go below.
There are two possible scenarios at this time:
Scenario 1: Bullish
The red highlighted range $6,750-7,000 is the area of resistance and the possible swing top of this up move. My current Bias is Neutral. A daily close above $7,000 could change it to Slightly Bullish. $7,400 is the previous swing high, a daily and weekly close above $7,500 mark an end to the current bear market, and a daily and weekly close above $8,500 will be Outright Bullish and a definite a Strong Buy.
Scenario 2: Bearish
The green highlighted area between $6,200-5,850 has defended BTC price to go down and bears have repeatedly failed to break below. However, a daily and weekly close below will open a secondary bear market for the entire crypto space and this range will flip to a strong resistance in the future. $5,000 will be the next support level to watch. If the price goes to $3,000, we can expect an immediate trend reversal.
Bitcoin is in a ranging mode at this time, all the altcoins have completed their capitulation phase and entering into accumulation but BTC remains indecisive, making difficult for the investors to make a move.
Disclaimer: This article is not intended as an investment advice and published for educational purposes only. BTC markets are highly volatile and risky in nature. DYOR before making any investment decision rather than listening to a stranger over the Internet.
