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 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

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!