BTC/USD is trading in an extremely tight range on Friday with its upside capped by trend line joining 9948.98 and 6792.28. It is currently trading at 6505 levels at press time (Bitstamp). On the upside, the pair faces st…
BTC/USD is trading in an extremely tight range on Friday with its upside capped by trend line joining 9948.98 and 6792.28. It is currently trading at 6505 levels at press time (Bitstamp).
On the upside, the pair faces stiff resistance at 6685 (trend line joining 9948.98 and 6792.28) and a break above would see it testing 7005 (50-DMA)/ 7170 (23.6% retracement of 11688 and 5774.72)/7369 (382% retracement of 9948.98 and 5774.72)/7500.
On the downside, the pair is hovering around 6497 (7-DMA) and a break below would test 6387 (20-DMA)/ 6248 (4h cloud top)/6120 (June 13 low)/6000.
Momentum studies: On the daily chart, RSI is weak at 47, while MACD line is above the signal line and stochs are near overbought levels. A break above trendline resistance at 6685 could see minor upside in the pair.
Bias appears weak on the hourly charts. Watch out for a break below 6368 (1h 200-SMA) which could see a drop till 6000 levels.
The $0.131 mark was the late-September high; a revisit would depend on Bitcoin (BTC) strengthening and crypto-market sentiment improving. No timeframe was given.
Binance US is reportedly seeking to raise up to $100 million in fresh funding at a valuation of approximately $1 billion as the cryptocurrency exchange looks to strengthen its position in the competitive U.S. market. Acc…
