The cryptocurrency market continues to see a lot of indecision as bulls and bears continue to wrestle over control. However, if Bitcoin breaks below $6,000 once again, the latter could score a resounding victory.
Playing tug-of-war
Trader Big Cheds recently tweeted that the bulls were 'working hard' to hold the $6,000 level. The top coin is currently changing hands at $6,139 at press time.
The bears did manage to push the price lower on multiple occasions today, but they are yet to get behind the wheel.
Back to $4k?
If the BTC price breaks below the above-mentioned once again, it will most probably resume its downtrend, according to trader Cred. After that, he expects the orange coin to be stuck within its previous intraday range.
$BTC Update
Reached range high ($6700).
Weekly close above = bullish bias.
Weekly close below = neutral bias, will look for pullbacks to range low ($6100).
Intraday will be looking to sell weakness below $6700 if I get something. No leverage longs for me at these levels.
$BTC
Got my $6700 trigger to sell.
Covered at $5970s for just under +3R. Exit was conservative, based on H1.
If grey box breaks down then I expect price to continue lower and trade back within the intraday range (outlined).
Will update (maybe livestream) closer to W close.
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As reported by U.Today, BTC rocketed to nearly $7,000 on March 20, but this move was followed by a 20 percent pullback.
