The Turn of Bitcoin Price to be Determined by Next Breakout

[Goodcat49]

The price of Bitcoin is currently hovering in a range $400 wide, which is supported by key technical levels. The awaited breakout will define the further behavior of the financial technology on the crypto market. It has a good chance to go down or increase to $7, 000.

The lower part of the trading range is $6,341, while the double bottom neckline (former resistance provided by support), which was increased on June 30. Furthermore, $6,754 shows 23.6% of Fibonacci retracement from sales of $9,990 to $5,755, slowing down the BTC rally earlier this week. This indicates the upper end of the Bitcoin trading range.

If the cryptocurrency jumps above $6,754, it will mean a resumption of the rally from $5,755 (the lowest mark on June 24) and will give an opportunity to reach $7,000, as evidenced by the double bottom breakout and bull flag breakout a couple of days ago.

However, if we look at the situation from a different point of view, the bullish case may be significantly weakened if prices make a lodgement at the mark lower $6,341.

Nevertheless, the diagrams of short duration show that the most apparent turn will be in favor of a breakdown of the downward trade line. According to the press time, the price of Bitcoin is trading at $6,520 on Bitfinex - down 1 percent on a 24-hour basis. A bearish mood is also indicated by the Bollinger bands (standard deviation of +2, -2 on the 20-hour moving average), which are stretching to the south and marking a falling trend.

The BTC is changing hands below the 50-hour and 100-hour moving average (MA). That also means that the path of least resistance is moving down.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/turn-of-bitcoin-price-determined-by-next-breakout/