Bitcoin has opened the new trading week largely unchanged, with the number one cryptocurrency experiencing low levels of volatility not seen since March 2017. Despite the lengthy period of price consolidation, the medium-term bias for the BTCUSD pair is likely to remain to the downside while price trades below its 50-day moving average. The symmetrical triangle pattern on the daily time frame best illustrates the technical break needed to encourage short-term directional traders.
The BTCUSD pair is only bearish while trading below the $6,280 level, key support remains at the $6,050 and $5,800 levels.
If the BTCUSD pair trades above the $6,480 level, buyers are likely to test towards the $6,550 and $6,730 resistance levels.
The BTCUSD pair is only bearish while trading below the $6,280 level, key support remains at the $6,050 and $5,800 levels.
If the BTCUSD pair trades above the $6,480 level, buyers are likely to test towards the $6,550 and $6,730 resistance levels.
