Key Highlights

• Major resistance levels: $7,600, $8,000, $8,400
• Major support levels: $6,400, $6,000, $5,600

There has been a notable sign that the BTC market’s valuation is striving hard to push northbound against the worth of the US dollar. However, the crypto still contends with the breaking of an upper range point at $7,200 mark in its journey to the north.

The upper range line happens to be the key spot that needs to broken northward to decimate the bears’ capacity around that level. A loss of momentum at a point could again let the crypto’s value suffer some degree of lows probably around the range trading levels once again.

The 50-day SMA trading indicator and the Middle Bollinger Band are closely within the boundaries of the Bollinger Bands. A small 4-hour bullish candlestick has formed around the Upper Bollinger Band. That’s an indication that an uprise is imminent in the BTC/USD trade operations. The Stochastic Oscillators have briefly penetrated the overbought region. And, they now consolidate tightly around range 80. That suggests that the bulls are to some extent having the market’s control

It has been very observed that two key price values at $7,200 and $6,800 have to be wary of while price action takes place. Meanwhile, the price action could come in either a reversal or a breakout to have a definite trend. All in all, traders are enjoined to be on the lookout for decent long trading positions. A forceful breakdown of the $6,800 lower range mark may see the crypto’s value dropping to test the $6,400 major support level.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

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