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BTC Flirts With Key Breakout Amidst Middle Eastern Tensions

BTC/USD price remains well bid amid ongoing geopolitical tensions in the Middle East.

Having found support for a third time at the $6383 - $6883 range in blue, price now sits at key resistance on the upper band of the 6-month downward trending channel and the 200 day EMA. A high volume break-out above these levels may signal to the bulls that a new up-leg is underway, initially targeting a re-test of the $9215 - $9898 orange resistance zone.

Bears might trade a false break of these levels by shorting in the orange resistance zone, anticipating a return to the upper band of the blue support zone ($6883).

The daily RSI currently sits at key resistance, with momentum bulls closely anticipating a break above the key 80 level that has historically preceded aggressive moves to the upside.

Traders may also be on the lookout this week for price sensitive news coming out of China, as the country approaches the launch of their Nationwide Blockchain Network BSN in April.

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