Hello guys,
BTCUSD seems to be very uncertain in its movements during this days. If we analyze the chart we can point out immediately the lack of volume. This scarcity keep prices into a very narrow range and for the moment there isn't any sign to allow us to take a position.
Prices are in an important supportive area after the recent drop. If we think BTCUSD could rise, a very important level to check is $6600 area, the first resistance area we find. Above this area there isn't any important resistance till about $7800.
If we look at the bearish side we can see there is a supportive area at about $6000 and then to $5400 area, but it is not a strong level.
Indicators are set to favor a rebound rather than a fall but, at the moment, volume doesn't support this idea.
We have to wait and see.
***This analysis is not a buy or sell advice, it is drawn up for educational purpose only***
BTCUSD seems to be very uncertain in its movements during this days. If we analyze the chart we can point out immediately the lack of volume. This scarcity keep prices into a very narrow range and for the moment there isn't any sign to allow us to take a position.
Prices are in an important supportive area after the recent drop. If we think BTCUSD could rise, a very important level to check is $6600 area, the first resistance area we find. Above this area there isn't any important resistance till about $7800.
If we look at the bearish side we can see there is a supportive area at about $6000 and then to $5400 area, but it is not a strong level.
Indicators are set to favor a rebound rather than a fall but, at the moment, volume doesn't support this idea.
We have to wait and see.
***This analysis is not a buy or sell advice, it is drawn up for educational purpose only***