We take a look at BTC/USDT today. Who is making headway - the bulls or the bears?
Since February the bears have tested the $6000 support level of Bitcoin four times, and four times the bulls have rejected the push and came to buy. As such $6000 proves to be a very strong support line for Bitcoin.
Since Bitcoin's peak on December 17, 2017, it has developed into a large descending triangle with $6000 as the base. The bulls tested resistance levels on July 27 with a peak of $8483. With the Daily chart RSI climbing above 40 and the CCI leading Bitcoin up, it is likely that the bulls will attempt to break the resistance line at $7600. If the bears relent here then Bitcoin could push up to $8500 levels.
Traders looking to make a play should enter with half the usual position with a stop loss of $5800. A 4-Hour candle close above $7600 will likely inspire bullishness and push Bitcoin to $8500.