Key Support Zones: $7, 000, $6, 000, $5,000
BTC/USD Long-term Trend: Bearish
On March 2, there was a price spike as Bitcoin reached a high of $7,283.50. The bulls could not sustain the upward move as Bitcoin fell to $6,828. The bears are defending intensively the $7,000 overhead resistance. BTC is now fluctuating above $6,800. The bears will further sink BTC if the bulls fail to move up. Bitcoin may fall to the low of the breakout level of $6,400. However, if this level also cracks, the market will further fall to the next support.
Daily Chart Indicators Reading:
Bitcoin is above 60% range of the daily stochastic. This is given the recent price spike which tested the resistance line of the descending channel. However, if price breaks and closes above the resistance line, there will be a change in the trend. BTC will resume an uptrend.
BTC/USD Medium-term Trend: Bullish
Yesterday, BTC was making an upward move to retest the $7,000 resistance. The price has earlier moved up to $6,800 before the commencement of price spike. The market moved above the resistance level but could not sustain above $7,000 because of the selling pressure.
4-hour Chart Indicators Reading
The Relative Strength Index has risen to level 66. It indicates that BTC is in the uptrend zone and above the centerline 50. The 21-day and 50-day SMAs are sloping upward indicating the upward move.
General Outlook for Bitcoin (BTC)
Yesterday, Bitcoin rose to $7,283 in a price spike. The bulls could not sustain the upward move because of the presence of sellers at the price level. BTC dropped to a low of $6,800. The price has since been fluctuating above that level.
Instrument: BTC/USD
Order: Sell
Entry price: $6,784.00
Stop: $6,850.00
Target: $6,584.00
Note: Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results
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