Analysis: BTC Price is Consolidating in Preparation for Higher Ground

Analysis: BTC Price is Consolidating in Preparation for Higher Ground
Cloudbet

Resistance levels: $6,439, $6,609, $6,744
Support levels: $6,286, $6,145, $6,028

BTC/USD Medium-term Trend: Ranging


On October 18, the cryptocurrency made an attempt to rally to the north by the formation of a bullish engulfing bar but the bears rejected the bullish movement by the formation of bearish inside bar that returned the BTC price below the resistance level of $6,439 and it started consolidation.
The pair is ranging between the resistance level of $6,439 and support level of $6,286. Neither bears nor bulls have enough momentum to rally the coin from this zone. Only a radical fundamental event can forcefully bring about a significant rally in the market.
Should the bulls gather enough momentum and break the resistance level of $6,439, BTC will rally to the north toward the resistance level of $6,609. In case the bears defend the resistance level of $6,609 and the price bounces back, traders should initiate short trades and stop-loss orders above the $6,609 price level. You can exit your short trades at the support level of $6,286 or when the price reverses.
At the same time, if the bear pushes the BTC price and breaks the support level of $6,286, the coin will find its low at the support level of $6137. However, the RSI period 14 is above 40 levels and the signal line point to the south indicates a sell signal.

BTCUSD Short-term Trend: Bearish


The coin was bullish earlier yesterday; the bulls moved the price up and break the resistance level of $6439. The price was forced to the south by the bears.
On the 1-hour chart, the BTC price is in a bearish trend. The BTC price is falling towards the low of $6,286 and the coin is below 10-day EMA and 50-day EMA indicates that the BTC price is falling. Meanwhile, the Relative Strength Index period 14 is below 40 levels and its signal line point to the south which connotes sell signal.

What's Your Thought On This ?, Let Us Know In the Comment section Below.
♥Get Daily Crypto News On Facebook | Twitter | Telegram | Instagram