With a 7.53% gain over the last 24-hours, Bitcoin is now trading well above $7000 to indicate that buyers are stepping back into the market after four weeks of a sloppy downtrend. The price of BTC has evolved around $7200 since yesterday after failing to break above a key resistance zone of $7400. A successful break could lead to a heavy buy-off to $8000. Otherwise, the bullish setup might remain stuck below the key resistance for a while.
Bitcoin (BTC) Price Analysis: Daily Chart – Bearish
Key resistance levels: $7400, $7700, $7990
Key support levels: $7000, $6800, $6600
On the daily chart, Bitcoin has bounced off the channel’s lower boundary after locating support at $6600 yesterday. As a result of this, BTC has climbed back above the $7000 zones but there’s a need for the bulls to surpass an important resistance at $7400 before we can confirm a decent buy to $7700 and $7990. More so, BTC is yet to leave the oversold area of the RSI indicator.
If the RSI climbs above its 30 levels, an upward movement should be expected in no time. Considering the MACD indicator, which is still negative, BTC may roll back to $7000, followed by $6800 and $6600 support. The bearish bias remains dominant on intraday trading.
Bitcoin (BTC) Price Analysis: Hourly Chart – Neutral
The BTC/USD under a bear radar on the hourly time frame, although the market has witnessed a nice positive move over the last 24-hours. Following yesterday’s rebound from $6600, Bitcoin is now consolidating around $7200 after meeting a critical resistance at $7400, where the white horizontal line is drawn.
While waiting for a breakout, Bitcoin’s next target lies at $7600 and $7800 on the upside. Inversely, a bounce could bring the market back to $7000, $6800 and $6600 support. However, the technical indicators have climbed back to the positive zones, indicating a bullish come-back in the market. However, BTC is currently neutral on the hourly chart.
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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.