The Bitcoin market saw some good price action yesterday when prices broke through the bullish flag and pushed up to $6400 (like mentioned in the previous report) before we saw sellers stepping in.
The market is currently correcting, and Elliot Wave theory suggests that there could be one more move up before we hit the next resistance zone.
I will be keeping a eye on the RSI and MA 20 on the 1hr candle chart for btcusd. The MA should act as the possible support zone, while the RSI has to stay above 50. Should the RSI dip below 50 and the MA fails to act as support there will be further correction in the market, possibly testing $6300 as the new floor.
Support is still much the same in my opinion, $6200 – $6300, as mentioned in the previous report. Resistance is currently still strong at between $6400 – $6500 and the bulls will have their work cut out for them to push prices past here and get some fomo going for Bitcoin.