Published on July 6th, 2018 | by bitcoin0
Pricing price breakout waits while increasing the trading range
Bitcoin (BTC) price is stuck in a $400 range defined by key technical levels and the direction of the breakout will likely set the tone for the next move in the cryptocurrency.
The lower end of the trading range is $6,341 – double bottom neckline (former resistance-turned-support), which was scaled on June 30.
Meanwhile, $6,754 (23.6 percent Fibonacci retracement of the sell-off from $9,990 to $5,755), which put brakes on BTC’s rally earlier this week, marks the upper end of the trading range.
That said, the short duration charts indicate the odds are stacked in favor of a downside break of the trading range.
Acceptance below $6,341 would abort the bullish view put forward by the double bottom breakout, bull flag breakout and bullish falling channel breakout and would shift risk in favor of a drop below $6,000.