We were correct in avoiding a long position in Bitcoin around the $6000 mark. Though intraday the digital currency broke out of the ascending channel, it could not close above it.
Currently, the cryptocurrency is finding support just above $5500 levels. If the fall continues, Bitcoin can correct to the 20-day exponential moving average (EMA), which presently lies at $5359. The trendline support is also close to this level. Therefore, we expect the digital currency to bounce from this support zone of $5350 to $5500.
