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FxWirePro: BTC/USD trades sideways below key trend line resistance at 6607, bias neutral

Fri, 05 Oct 2018, 09:11 am UTC

(Refer BTC/USD chart on Trading View)

BTC/USD is trading in a narrow range on Friday as it hovers around 5-DMA.

It is currently trading at 6528 levels at the time of writing (Bitstamp).

On the upside, resistance is seen at 6607 (convergence of 50-DMA and trend line joining 8496.96 and 7411.85) and a decisive break above would target 6700/6753 (cloud bottom). Further strength would see the pair testing 6845 (100-EMA)/6908 (61.8% retracement of 7411.85 and 6094.38)/7000.

On the downside, the pair is likely to find support at 6440 (trend line joining 6094.38 and 6200) and any violation would drag the pair to 6373 (61.8% retracement of 6094.38 and 6826.28)/6300. Further weakness would test 6200 (17 September low)/6094 (9 September low)/6000.

Overall bias appears neutral as the pair continues to trade in a narrow range in a symmetrical triangle pattern. That said, stochs are biased lower and RSI is below 50, and a break below trend line support at 6440 would see further downside in the pair.

Recommendation: Wait for clear directional bias.

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  • Bitcoin (BTC) $8,714.27 (+8.93%)
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  • Bitcoin (BTC) $8,714.27 (+8.93%)
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