FX.co ★ BTC 12.06.2019 - Contraction period, watch for the breakout of the trading range to confirm further direciton

Bitcoin is trading sideways at the price of $7.390. Price action on the hourly time-frame looks very flat and we got Bollinger bands contraction. Watch for potential breakout of the contraction. The resistance is set at $7.478 and the support at $7.253.

To open long position:

Watch for breakout of $7.478 and target at $7.722

To open short position:

Watch for breakout of the support $7.253 and target at $7.087

MACD oscillator is showing very low momentum , which confirms the sideways regime.