Bitcoin (BTC) is stuck below $ 7,000 in the past few days, but is it that bitcoins are quietly preparing for a big jump?Actually, bitcoins are restricted to narrower trading ranges for nearly a week, both bears and cows are not able to dominate bitcoins.
Investors are also very depressed, because when the bitcoin price is also around 6,800 dollars, slightly higher than 6,900 dollars in the past few days, no new breakthrough. It can be said that the current market is very tedious.
The chart above shows the narrow price range (triangle) during the past week.
The highest level is 7,510 USD and the lowest level is 6,425 USD. We can see the difference is at least $ 1,000, and the difference depends on the strength of the bulls that push the price up, a breakout that could make a difference.
The support threshold is found at $ 6,570, while resistance is at $ 7,080.
The decline could be a potential sell off to $ 5,500, on the lower path, the BTC could find support around a low of $ 6,000, as the relative strength index (RSI) It may be a condition of sale.
Also note that, the trend is still bearish in the BTC, within the narrow trading range. The drop of bitcoin will lead to a sell off from a high of $ 7,189 on April 9th and open the slide to $ 6,150.
However, just break below $ 6,570 (the support threshold of the triangle). This is bad because when bitcoin breaks below this support level, a slump may occur, dragging the bitcoin price down below the bottom.
On bullfighting, bulls only need a strong breakout, breaking above the resistance at $ 7,179, to regain momentum.
The decline may be considered as a warning that the bitcoin is set to move below the triangle support at $ 6,570, if bitcoin accepts at this level, a slide could pull bitcoin down. USD 6,000
On the other hand, if the bitcoin sustained above $ 7,199, it would help the pedal to break the bitcoin at $ 7,510 and open the way to $ 8,100.
As of now we are currently seen that the market is in green and I'm sure everyone are happy for that matter. But one thing that I'm thinking and it's how long does the market goes like that because there's a fact that it's only moving just a little and it make the sense that it can't be really the beginning of it's full recovery and maybe it's fluctuation is in the normal range. It is so difficult to know what exactly will be happen so for now I'm just sitting in the side and still keep my eyes in the market and evaluate again what will be the possible next to happen.