Bitcoin (BTC) Fluctuates as Bulls and Bears Turn Back From $5,900 and $6,400 Levels

Bitcoin (BTC) Fluctuates as Bulls and Bears Turn Back From $5,900 and $6,400 Levels

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bearish
Bitcoin went up again as the bears were unable to break the next support at $5892. The bulls were attempting to carry price above the breakout level of $6,400. Bitcoin has moved up but it is fluctuating below the breakout level.

It is anticipated that if the bulls sustain the price above the breakout level of $6,400, BTC will rise to regain the $6,800 level. Besides that a retest of the $7000 resistance is possible. A successful break above $7,000 resistance will propel BTC to rise to $8,000 and $8,500 price levels. Today, BTC is falling to retest the $5,900 support which was not broken in the previous attempt.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
Bitcoin is below 75% range of the daily stochastic. BTC is in a bearish momentum but the momentum is weak and unsteady. Following the failures of the bears to break the $5,900 support, the bulls took price to the high of $6,400. BTC is still falling back to the previous support.

BTC/USD Medium-term Trend: Ranging
On the 4- hour chart, BTC is fluctuating below the bullish trend line. The bears have earlier interrupted the upward move. The BTC fell to a low of $5892 and resumed fluctuation. The price went up above $6,400 but it is retracing.

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
Presently, the moving averages are sloping horizontally indicating the sideways move. The Relative Strength Index has fallen to level 47. It indicates that BTC is in the downtrend zone and may likely fall.
It is below the centerline 50.

General Outlook for Bitcoin (BTC)
Bitcoin is falling after reaching the breakout level of $6,400. In the first instance, the bears could not break the $5,900 support and the price is approaching the support the second time. A break below the $5,900 support will sink BTC to the low of $5,500.

Instrument: BTC/USD
Order: Sell
Entry price: $6,320.00
Stop: $6,388.00
Target: $6,120.00

Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.