BTC would decide direction after tranquility around 7400

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After a spike to $7800, Bitcoin recedes to consolidate around $7300 - 7400 level, which also coincides with the Pivot point and heaviest trading volume range.

As the price shows no major movement during the daytime with subdued volume . Most likely, Bitcoin would continue zig-zag for some time then decide its direction. The next movement would be an intermediate one because long side was almost wiped out by the steep fall from 10,000 to 6,500, and the price has staged a 3 weeks rally.

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.