Implications and Outlook
Bitcoin has pulled apart of Mean Resistance $6750 and it is bouncing of Mean Support $6442. This demonstrates that the sellers hold the upper hand in the interim-term. However, in the event the bulls find a way to scale the bid back above the Mean Resistance $6750, it will certainly indicate the demand for higher price levels.
The more the price remains to be higher than Mean Support $6442, the greater are the odds of a retest of the crucial Mean Resistance $6750 and push the pair to Coin Rally $7290, which in turn will trigger a firm $7360 Key Resistance as well.
Should the bearish momentum penetrate Mean Support $6442 in the interim; it would be a negative sign from a technical as well as fundamental perspective with downside targets of Key Support $6134 and beyond.
Bitcoin has pulled apart of Mean Resistance $6750 and it is bouncing of Mean Support $6442. This demonstrates that the sellers hold the upper hand in the interim-term. However, in the event the bulls find a way to scale the bid back above the Mean Resistance $6750, it will certainly indicate the demand for higher price levels.
The more the price remains to be higher than Mean Support $6442, the greater are the odds of a retest of the crucial Mean Resistance $6750 and push the pair to Coin Rally $7290, which in turn will trigger a firm $7360 Key Resistance as well.
Should the bearish momentum penetrate Mean Support $6442 in the interim; it would be a negative sign from a technical as well as fundamental perspective with downside targets of Key Support $6134 and beyond.