BTC/USD Bearish Consolidation Between Two Weekly Pivots

1 min read
tarantula fx

tarantula fx

Head of Trading

Strong downtrend in the BTC/USD persists. The price is consolidation between two Weekly Pivots and selling on rallies is possible.

The BTC/USD has dropped close to 6070 support and bounced back in a form of a ascending channel. However the ascending channel still indicates a retracement in the downtrend so traders need to be very careful. The BTC/USD 6550-6610 is the first POC zone while 6850-6900 is the POC2. Those two zones could be used for selling the pair towards 6470 and 6070. 6070-6900 is the interim range for the BTC/USD.

Many green pips,
Nenad Kerkez aka Tarantula FX

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