Bitcoin settles above $6,300, but the upside momentum is fading away. Naeem Aslam says bitcoin trading range dropped 90%. Bitcoin is changing hands at $6,336, marginally higher since this time on Thursday. The digital coin No. 1 regained ground above $6,300 handle, however, the upside is limited as long as $6,6360 congestion zone remains unbroken. According to Naeem Aslam, a chief market analyst at Think Markets U.K, Bitcoin’s average true trading range narrowed to $157 from its January peak of $1,500, which is nearly 90% decrease. Meanwhile, volatility hit historic lows, making it less attractive for speculators. Currently, stocks of Amazon and Apple are more attractive in terms of volatility. Moreover, the expert believes, that the short-term risks are tilted to the downside as Bitcoin moves toward critical downside support. “The price of bitcoin is moving towards a critical support level of $6,100, and a break of this is going to open the floor towards the $5,717 mark.”The price of bitcoin is moving towards a critical support level of $6,100, and a break of this is going to open the floor towards the $5,717 mark.” Bitcoin’s technical picture On the intraday chart, BTC/USD is supported by $6,310-$6,290 congestion zone that includes SMA50 and SMA100 (1-hour) and a psychological $6,300. Once below, the sell-off may continue towards $6,200 and more critical $6,060, which is the recent low. On the upside, once above the initial $6,360, the next bullish target of $6,400 will come into focus. It is strengthened by SMA200 (4-hour) blocks the way towards the upper line of the recent channel at $6.460. The Relative Strength Index (RSI) stays neutral, while momentum indicator is growing. BTC/USD, 4-hour chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next US NFP Preview: 7 major banks expectations from November month’s employment report FX Street 4 years Bitcoin settles above $6,300, but the upside momentum is fading away. Naeem Aslam says bitcoin trading range dropped 90%. Bitcoin is changing hands at $6,336, marginally higher since this time on Thursday. The digital coin No. 1 regained ground above $6,300 handle, however, the upside is limited as long as $6,6360 congestion zone remains unbroken. According to Naeem Aslam, a chief market analyst at Think Markets U.K, Bitcoin's average true trading range narrowed to $157 from its January peak of $1,500, which is nearly 90% decrease. Meanwhile, volatility hit historic lows, making it less attractive for speculators. Currently, stocks of… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
