New Trading Range for Bitcoin Hodlers: $3500 - $6000
As the chart illustrates, clear support is now at $3500 with resistance at $6000. Price is currently hovering around its 200 week moving average, near around $5550. Last week's long wick candle, which seems to replicating itself thus far this week, suggests buyers are currently stepping in around $4,000. As such, buying at $4,000 with a target of $6,000 and a stop-loss strategy may be an interesting strategy, affording users a 2:1 reward/risk strategy. It is worth noting, though, that Bitcoin's market cap is now below $100 billion; a lower market cap may make it more volatile, and thus those looking for more stable technical patterns to trade off may wish to observe other assets first.
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