Bitcoin Is Trading Sideways While Alt Coin Are Blasting | What Will Be Bitcoin's Next Move?
Bitcoin has been trading sideways since last 2 days. Nothing significant movement has been seen in Bitcoin while Alt coins are blasting as we speak. Bitcoin's dominance has come down to 52.3% which allowed money to flow from Bitcoin to Alt coins, giving Alt coins a great pump.
But what about Bitcoin? What will be its next move as it can consolidate forever?
Well, there are some interesting movements happening in Bitcoin. Let's talk about them in the chart:
As we can see in the chart above, Bitcoin has been trading above $6400 and looks pretty Bullish right now. Currently it has a solid support at $6400 but high resistance around $6550 level which is not allowing it to go further. If we look at the volume, then it is dropping while we are moving forward in the chart, which is highly concerning in a Bullish scenario.
So, let's discuss the possible movement of Bitcoin:
- If Bitcoin moves up from here, the first obvious resistance would be $6550 and then $6630. Crossing all these resistance will take Bitcoin around $6800, the next huge resistance level.
- If Bitcoin moves down from here, the first support would be $6400 and then $6250, breaking all these support will take Bitcoin down again $6000 or even lower, which will be pretty bearish for overall market.
- Volume is dropping though which signifies a Bearish stance.
So, keep a close view on Bitcoin's price movements and if you're trading, use tight stop-loss.
Thanks for reading..!!
