Bitcoin needed to avoid a reversal

Bitcoin Technical Overview

Day Trading Range: $6410 - $6070

Day Resistance: $6365 - $6450 - $6480

Day Support: $6280 - $6200 - $ 6130

Technical Indicator:

MACD: MacD shows short term bullish volume.

Moving Avg: SMA20 is support Bitcoin at $6310, if break it than more down fall.

Most Likely Scenario: Short Bitcoin $6400 - $6450 with strong stop loss $6588 & target $6330 - $6250 - $6170 in extension.

Fundamental:

On the news front, regulatory news weighed on the crypto market in the early part of the, the decision by the SEC to suspend a number of cryptocurrency trading products adding fuel to the already negative sentiment seen across the cryptomarket.

While the bears will be looking towards this Thursday’s meeting, eyeing up sub-$6,000 levels, there are plenty of other drivers for investors to continue factoring in, these including ongoing SEC decisions and review of Bitcoin ETFs and other cryptomarket investment products and the much talked about unified G20 rules and regs.

Thanks
YoCryptoManic