Bitcoin exchange rate: In which direction is the breakthrough?
Bitcoin still shows a market with a limited range in terms of a long-term perspective. The struggle for control of the market between “bulls” and “bears” remains obvious. Forward movement of the bulls showed a short-term jump to $7788 15 October, which led to a breakthrough in the field of resistance and the indicator 200— EMA.
Bearish pressures have forced the candle to close at $6742 and below the 200— EMA. On 20 October the exchange rate of bitcoin fell to $6511 near the support level due to the strong bearish pressure. This is obvious a bullish consolidation that began October 20.
The main cryptocurrency remains committed to the consolidation and trading range between $6700 (supply level) and $6250 (level of demand). For traders it is important now to patiently wait for a break in any of these directions to take the correct position.
At the time of this post the exchange rate of bitcoin stood at $6502 (according to CoinMarketCap).
Resistance levels— $6800, $6900, $7000; support levels— $6100, $6000, $5900.