Bitcoin (BTC) Regains $6,800 Level but Fails to Break $7,000 Resistance

Bitcoin (BTC) Regains $6,800 Level but Fails to Break $7,000 Resistance

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

BTC/USD Long-term Trend: Bearish
Yesterday, April 1, Bitcoin was hovering above $6,300 as the market moved up  above the breakout level to reach $6,800. Above the breakout level of $6,400, the bulls were able to push the price upward. The bulls regained the $6,800 level but could not break the $7,000 resistance. Consequently, BTC is falling to a low of $6,400. The market will move up again if the $6,400 level holds. BTC will fall to $5,900 support if the $6,400 support cracks.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
Bitcoin is below 75% range of the daily stochastic. The stochastic bands are making a U-turn because BTC is in a downward move. At the moment, BTC is in a bearish momentum. In the meantime, the price is approaching the resistance line of the descending channel.

BTC/USD Medium-term Trend: Ranging
Yesterday, BTC was making an upward move to retest the $7,000 resistance. The price rebounded at a low of $6,180 to reach a high of $6,800. The upward move was hindered as it faces resistance. A downward movement is expected.

BTC/USD – 4 Hour Chart

4-hour Chart Indicators Reading
The Relative Strength Index has fallen to level 60. It indicates that BTC is in the uptrend zone above the centerline 50. On the downside, if the price breaks the trend line, the downtrend will resume

General Outlook for Bitcoin (BTC)
Presently, Bitcoin has been trading between the resistance at $7,000 and the support at $5,900. Since March 20, neither the bulls nor bears have broken any of these levels. These key levels determine the upward and downward movement of price.

Instrument: BTC/USD
Order: Sell
Entry price: $6,649.29
Stop: $6,700.29
Target: $6,449.29

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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Author : Azeez Mustapha

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