Bitcoin (BTC) Bulls Have to Hold This Key Price Level to Prevent Another Major Drop


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. 

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.
View image on Twitter

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.
View image on Twitter
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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. 

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