Bitcoin going nowhere – Good time to trade the range

Bitcoin grew from its lowest level since June, while Ethereum rose above the $300 mark once again today on Friday. Looks like the crypto...


Bitcoin grew from its lowest level since June, while Ethereum rose above the $300 mark once again today on Friday. Looks like the crypto market is taking benefit of the recent retracement in the dollar.

Technically speaking, the BTC/USD has already come out of the descending channel which was providing it a solid resistance near $6,200.

BTC/USD - 2 Hour Chart

BTC/USD – 2 Hour Chart

At the moment, the BTC/USD is trading at $6,482 and $6,200 is likely to support Bitcoin. Recently, the crypto pair has crossed above the 100 periods moving average, signaling a bullish bias of traders. BTC has an immediate resistance is at $6,620 and $6770. The market can trade sideways until $6,620 is violated. Till then, let’s enjoy choppy trading.

Stay tuned for more updates!

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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