Blurb
Bitcoin spent its Sunday reclaiming its support near $6,500 after witnessing a made-up breakout action yesterday.
The BTC/USD, in reality, is stable like it was the previous week. The couple kicked off today by correcting lower from the last short-term upside and lying breakout range as discussed in this analysis. It eventually formed move lows towards 6525-fiat and reversed up to 25-pips in an upside chastisement action. The price behavior throughout yesterday and today once again supported the presence of trading bots on crypto exchanges. However, BTC/USD returned to its competent range and is once again retesting its previous support/resistance be opens.
BTC/USD Technical Analysis
The latest price action has brought BTC/USD inside its prevalent triangle pattern. We have adjusted the upper trendline to make it unequivocal with the recent lower highs formed during the pullback activity from 6741-peak. We are now seeing bulls finding a stable bolster level above 6500-fiat, and a clear upside target in peek at on a pullback is the upper trendline of the triangle formation, coinciding with 6600-fiat for now.
The RSI incriminate in and Stochastic oscillator both are looking at a smooth near-term uptrend winning, which could mean BTC/USD will attempt a breakout action again. If it does, the up will also go above its 100H and 200H SMAs to indicate a favourable bias in the market. The only catch is low volume, which means Bitcoin hand down remain in a bias conflict while bringing intrarange opportunities in near-term.
BTC/USD Intraday Review
The range we are watching today has 6525-fiat acting as interim ratify and 6606-fiat acting as interim resistance. We have already noted a long position towards resistance on a bounce from support, and a end above resistance will also have us enter a long passage towards 6638-fiat, the upside target in our false breakout compass. On both the upside positions, our stop loss will be maintained 4-pips underneath the entry position to minimize our risks in case a pullback action appears.
Looking the other way, a pullback enterprise, as mentioned above, will have us put a short position towards the forward as a part of our intrarange strategy. A close below the support level wishes also open a decent short position towards 6500-fiat. In these positions, a break loss somewhere 4-5 pips above the entry position will lay our risk management perspective.
Meanwhile, we’ll be watching a newly formed ascending trendline in dark as a potential pullback level. We could see its use in our future updates.
Trade OK!
Featured Image from Shutterstock. Charts from TradingView.
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