Bitcoin Trying to Get Strength Looking maintain at $6400 level
Bitcoin Technical Overview:
Day Trading Range: $6200 - $6500
Key Resistance: $6430 - $6455 - $6500 - $6545
Key Support: $6343 - $6300 - $6280 - $6220
Technical Indicators:
RSI: Indicators shows upside strength, moving above 50 level.
MACD: MacD having volume between 0-25 level which indicate short term upside bias.
Moving Avg: SMA20 ($6291.5) support & SMA50 ($6419.12) resistance for the day.
Most Likely Scenario: Long above $6280 level with stop at $6142 & target $6430-$6480 in extension.
Alternative Scenario: Short Below $6280 with stop at $6430 & target $6200-$6150 in extension.
Overall Review:
BTC/USD has been creeping higher since September 8, well-supported by the upside trendline. A sustainable movement above $6,300 created a bullish momentum and pushed the price through the upper line of a triangle pattern (currently at $6,350), which is considered a positive development on the short-term timeframe.
The next resistance is created at $6,400 and followed by $6,442, which is produced by SMA50 (4-hour chart). This handle is likely to stop the upside for the time being; however, once it is cleared, the recovery may be extended towards $6,500.
BTC/USD is in recovery mode as long as it stays above $6,300. This psychological level is strengthened by a cluster of SMA100 and SMA50 (1-hour), located at $6,290. If it is broken, the sell-off is likely to continue towards $6,220 (the above-mentioned upside trendline) and $6,200.
Thanks
YoCryptoManic
Day Trading Range: $6200 - $6500
Key Resistance: $6430 - $6455 - $6500 - $6545
Key Support: $6343 - $6300 - $6280 - $6220
Technical Indicators:
RSI: Indicators shows upside strength, moving above 50 level.
MACD: MacD having volume between 0-25 level which indicate short term upside bias.
Moving Avg: SMA20 ($6291.5) support & SMA50 ($6419.12) resistance for the day.
Most Likely Scenario: Long above $6280 level with stop at $6142 & target $6430-$6480 in extension.
Alternative Scenario: Short Below $6280 with stop at $6430 & target $6200-$6150 in extension.
Overall Review:
BTC/USD has been creeping higher since September 8, well-supported by the upside trendline. A sustainable movement above $6,300 created a bullish momentum and pushed the price through the upper line of a triangle pattern (currently at $6,350), which is considered a positive development on the short-term timeframe.
The next resistance is created at $6,400 and followed by $6,442, which is produced by SMA50 (4-hour chart). This handle is likely to stop the upside for the time being; however, once it is cleared, the recovery may be extended towards $6,500.
BTC/USD is in recovery mode as long as it stays above $6,300. This psychological level is strengthened by a cluster of SMA100 and SMA50 (1-hour), located at $6,290. If it is broken, the sell-off is likely to continue towards $6,220 (the above-mentioned upside trendline) and $6,200.
Thanks
YoCryptoManic
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