BTC getting a little lazy? Either 8500 or 6000...

BTC has been rotating in a range between 7500 and 6500 for the past two months which leaves neutral traders with an unbiased position above or below two levels. It could go one of two ways and there is both a bear and bull case to be made.

The bull case, a little less likely it would see is that BTC creates a triple bottom at 6665-6700 and rebounds. It will have to make a move through the 7500 level and into the 8000 level should the upside come in on strong volume. So far volume has been pretty weak on both ends but mainly to the downside.

The bear case, which is a little more likely we suspect, due to the fact that price action is forming lower highs and lower lows. There's a chance it fails because each time price dropped into the 6500-6600 support level price was quickly bought up on decent volume. However, the 7500 resistance level is still holding extremely well. Should price break the 6500 level as its coming into now, then we stand a high chance to see 6000.

This idea is for educational purposes only, this does not constitute as investment or trading advice. TRADEPRO Academy is not responsible for market activity.