Bitcoin remains neutral in $6,492-$7,007 range

A bitcoin logo is seen in Caracas, Venezuela February 23, 2018. REUTERS/Marco Bello

SINGAPORE (Reuters) - Bitcoin remains neutral in a range of $6,492-$7,007, and an escape could suggest a direction.

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The range is formed by the 61.8 percent and the 50 percent projection levels of a downward wave C from $9,188. A break below $6,492 could confirm the extension of this wave towards $5,855.

The bias may be towards the upside, as bitcoin has broken above the trendline falling from $11,682. A small double-bottom has also formed around $6,492. However, this pattern needs to be confirmed when bitcoin breaks above $7,007. The break will lead to a gain to $7,522.

Reporting by Wang Tao; Editing by Subhranshu Sahu