Bitcoin (BTC) Hovers above $6,800 as Price Remains Relatively Stable

Bitcoin (BTC) Hovers above $6,800 as Price Remains Relatively Stable

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bearish
Bitcoin has been ranging above $6,800 for the past three days. On March 3, the market reached a higher of $7,049.10 after a rebound from the previous low of $6,180. The bears defended the $7,000 overhead resistance and pushed price downward. BTC is now stable above $6,800 as the market continues its range-bound movement. On the upside, if the bulls fail to break the $7,000 overhead resistance, BTC will fall to the previous low.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
Bitcoin is below 75 % range of the daily stochastic. BTC is in a bullish momentum but the momentum seems to be conflicting with the price action. BTC is also approaching the resistance line of the descending channel to break it.

.BTC/USD Medium-term Trend: Bullish
Yesterday, BTC was making an upward move to retest the $7,000 resistance. The upward move has been stable as the price remains above the bullish trend line. A bullish trend line has been drawn showing the support levels of price. The trend line has remained unbroken. The downtrend is likely to resume.

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The 21-day SMA and 50-day SMA are sloping upward indicating the upward move. BTC has risen to level 59 of the daily Relative Strength Index. The coin is in the uptrend zone and above the centerline 50.

General Outlook for Bitcoin (BTC)
Bitcoin is hovering above $6,800 for the past three days as the price remains stable. The bulls and bears are undecided about the direction of the market. The bears are still defending the $7,000 resistance as the market reaches the breakout point.

Instrument: BTC/USD
Order: Sell
Entry price: $6,851
Stop: $6,900
Target: $6,651

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.