Author:
Not a lot happened since our previous Bitcoin analysis. Bitcoin is still consolidating around the $6,500 resistance level, forming a triangle. Breaking it to either direction will probably lead a strong move towards the direction. Trading volume is low, as likely to weekends. Stochastic RSI is at its high levels – might indicate on a correction down which is needed.
To summarize – Breaking down the triangle (~$6350) will lead a move down to the $6,000 zone. Breaking up the $6500 – 6600 resistance will likely send Bitcoin to test the $7,000 resistance level.
BTC/USD BitFinex 4 Hours chart
Cryptocurrency charts by TradingView
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