Is Bitcoin Going Bullish Or Bearish In Short-Term?

Well, Bitcoin was trading sideways for many hours until now. Bitcoin has gained slight momentum and currently trading above a very important support level i.e. $6300.

Now, what could be the possible scenarios in which Bitcoin can react?

There's a high probability that Bitcoin is going Bullish in short-term as BTC has broken $6300 resistance and currently trading above that level which now has become strong support. Now, the next resistance level is $6440 which also the 0.5 FIB level and BTC has already found resistance and support at this level in the past.

In the chart above, we are currently trading under a triangle and if we broke through this chart, then next resistance level would be $6800.

Although, the chances of dump from current level is also the same. If we start dumping from current level, then strong support we have is at $6000. Breaking this level would take Bitcoin under $5800 and possibly $5500.

Now, the weekend is over, we could expect some significant movement (either upside or downside) in Bitcoin. So, I would advise all the traders to use tight stop loss before initiating any trade. 

Thanks for reading ..!!

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