World’s most popular cryptocurrency, Bitcoin for a long time has been consolidating in a narrow range. But now, this seems to be coming to an end as the triangle in which the consolidation of its price took place is close to completion.
Bitcoin (BTC) Price Today – BTC / USD
BTC/USD is up around 2 cents of a percent at $6,358 and in a less than half a percent range. This is a clear sign consolidation, lower volatility days and lower volume, which has been on for the past few weeks.
BTC’s next key support is at $6,242 while resistance is placed at 6,840. Given the earlier trend, there is a very high chance that BTC will break lower in the next few weeks. On the long term chart, Bitcoin had a breakout but bulls have failed to capitalize on this breakout.