World’s largest cryptocurrency, Bitcoin remains neutral in a range of $6,492-$7,007, and an escape could suggest a direction.
The range is formed by the 61.8 percent and the 50 percent projection levels of a downward wave C from $9,188. A break below $6,492 could confirm the extension of this wave towards $5,855.
The bias may be towards the upside, as bitcoin has broken above the trendline falling from $11,682. A small double-bottom has also formed around $6,492.
However, this pattern needs to be confirmed when bitcoin breaks above $7,007. The break will lead to a gain to $7,522, Reuters reports.
