Bitcoin Still Ranging

Bitcoin seems to be in a ranging phase. Be careful when entering a position in either direction, though you may consider mean reversion.

bitcoin is trading at $7047.16, at the moment.

Levels from above include:

7113.30 from highs and lows over the past 14 periods
8235.50 from highs and lows over the past 30 periods
8557.52 from highs and lows over the past 100 periods
9964.50 from highs and lows

We will find support from levels from below including the following:

7028.57 from volume profile over the past 14 periods
7010.73 from volume profile over the past 14 periods
6966.14 from volume profile over the past 14 periods
6885.87 from volume profile over the past 14 periods
6836.82 from volume profile over the past 14 periods
6778.85 from volume profile over the past 14 periods
6221.42 from highs and lows over the past 14 periods
5971.05 from highs and lows over the past 30 periods
5826.41 from highs and lows over the past 100 periods

Technical analysis for bitcoin is as follows. Volatility has consolidated quite a bit, expect a breakout soon. The RSI is 58, which suggests that we are in a bull trend, but not overbought. The MACD is above the signal line, but not to an extreme. This suggests we may have more room to appreciate. bitcoin is above the 50 period SMA, indicating a bull trend. Also, bitcoin is above the 100 period SMA, which is currently at 6939, indicating bullishness. Finally, the 50 period SMA is about on par with the 100 period SMA which suggests we are ranging. The ADX indicator, at a value of 28 conveys a modest bull trend.

We are getting closer to the upper bound of the Kovach Reversals Indicator at 7043. This should provide resistance. The central moving average of the KRI will provide support at 6522.