BTC/USDT

[CebuBitcoin]

Bitcoin has been consolidating in a small range for the past two days. Both moving averages are flat and the RSI is close to the neutral territory. This suggests an equilibrium between the buyers and the sellers.

However, this small range is unlikely to sustain for long. As the cryptocurrency has made a sequence of lower highs in 2018, the failure of the bulls to break out of the overhead resistance will attract selling.

If the bears break down and sustain below the trendline, the BTC/USD pair can decline to $6,341 and below that to the critical support zone of $5,900–$6,075.

On the upside, the $6,831.99 line is the critical resistance. If the bulls scale above this, a rally to $7,413.46 will ensue. We anticipate a large range move within the next couple of days. For now, traders can hold their long positions with the stop losses (SLs) at $5,900.

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