BTCUSD Dip Buying Likely

Bitcoin has continued to retrace lower after recently finding strong technical resistance from the $7,650 level. Dip-buyers are likely to enter in BTCUSD pair from current levels in anticipation of an upcoming rally. Only a bearish break under the $6,850 support level would cause concern at this stage, placing the December monthly back into focus, around the $6,400 level.

• The BTCUSD pair is only bullish while trading above the $7,000 level, key resistance is located at the $7,650 and $8,000 levels.
• If the BTCUSD pair trades under the $7,000 level, sellers may test towards the $6,850 and $6,400 support levels.