Bitcoin holding strong resistance at 6500/6550

 

Bitcoin holding strong resistance at 6500/6550 keeps the outlook negative targeting 6400 (now hit). This is the best support for today & therefore a break below 6350 is a sell signal targeting 6320 & 6220/6200 (we bottomed exactly here last week) before the October low at 6100/6055. A break below 6000 is the next sell signal targeting 5900/5880 & the low for this year at 5780. This is NOT expected to hold for long in the bear trend.

Quite strong resistance at 6500/6550 (this trade worked perfectly) but shorts need stops above 6600. Bulls are only in control on a break above here. We then need a break above 6760 to target 6825 & strong resistance at 7000/7050.

 

Jason Sen

DayTradeIdeas.com | 05:16 GMT

Alan Zibluk Markethive Founding Member