Bitcoin recorded some gains last week after the $6000 support level held for the BTCUSD markets. Most of the week was spent trading in the $6300 – $6500 range, the market had another nice little breakout that saw the sellers stepping in at around $6800, the third time this month.
With all that said, i think we will find ourselves in a tight trading range between $6400 – $6800, this week for another round between the bulls and the bears. Personally I am prepared for a move in either direction. Lets take a look at the price action from the BTCUSD 30min chart.
On the very near term I will use this channel as a guide and trade the market accordingly.
Near term support is at $6500 – $6550, this is the zone where higher risk traders are getting ready to play the possible bounce.
Short term support is at $6400, and I will look to this price level to signal a bearish pay, higher risk traders could be looking at $6550 – $6500 and $6400, as possible levels to open some quick shorts on the market.
Resistance is solid between $6700 and $6800, look towards these levels to signal the next leg up, or possible rejection of the current trend.
Please remember that Margin trading and Crypto trading carry a significant amount of risk. Be sure to do your own research and consult a expert before entering any trades. Safe trades.