Bitcoin: Range exit
Bitcoin: Range exit
Bitcoin has finally left the range between 6000 and 6600 USD identified yesterday.
A new downtrend is emerging, the way seems open to the famous support to 5000 USD. Buyers must stay above the last annual bottom at 5780 USD to avoid a fall to 5000 USD.
Our analyzes are entirely done on the #Binance charts
Buyers failed to reshoot the resistance at $ 6600 and a new downtrend formed overnight. Major support at $ 6,000 was spent. Nevertheless, the sellers were again selected by the support area between 5800 and 6000 USD. A turnaround could begin, but for now the signals are bearish. We remain heavily exposed to a fall to 5000 USD. This support has been identified as the bottom-up potential of the correction. However, if buyers manage to hold above the last annual bottom at 5800 USD, a reversal could begin. We left the range identified yesterday between 6000 and 6600 USD. For today, the trend is bearish, better to remain patient, we are fast approaching the next major move.
How to position yourself?
The breakout at 6,000 USD took place. It remains a major pivot at 5800 USD has passed. If it is broken, we will position ourselves at the next pivot support at $ 5,000. Conversely, if we go back the 6600 USD, we will position upward.
Should we expect a new correction?
Buyers must stay below the 5800 USD to avoid a correction.