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• Bitcoin is facing heavy supply at $6900 – $7000 area, although it may start a fresh increase if the price can successfully breakthrough
• Bitcoin bulls are trying to hold momentum but selling pressure remains dominant.
Since the massive selloff over the weekend, Bitcoin’s volatility has been quite moderate after recovering from $6600 on Tuesday. Bitcoin’s price is facing a tough resistance at around $6900 – $7000 area. This price area is likely to determine the next major move in Bitcoin’s price if breakout or rejection occurs.
Key resistance levels: $7000, $7191, $7450
Key support levels: $6400, $6200, $5880
Bitcoin (BTC) Price Analysis: 4H Chart – Bearish
Since Bitcoin broke down from a wedge, the price has continued to drop as volatility expands to the downside. Though selling pressure is still weak at the moment. Bitcoin is now trapped inside a small descending channel, which shows that there’s a low selling volume on the 4-hours chart.
Currently, the price is trading around the channel’s resistance at $6900. A successful break above $7000 could allow buyers to revisit previous resistance at $7191 and $7450. The potential support here is $6600 (current weekly low) and $6400. If a channel breakdown occurs, $6200 (marked blue) could come into play. Below this level lies a grey demand area at $5880.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
Zooming into the hourly chart, we can see that Bitcoin is moving in a downward spiral. Bitcoin’s price is currently held in a channel pattern for the past 9 days now. Recently, the price got rejected around $6900-$7000 resistance area – marked yellow on the price chart; although the buyers have managed to regroup back.
If they can overcome this yellow spot, the next rally is likely to reach $7191 resistance, followed by $7300 and $7450 on the upside. If the buyers fail to regroup further, however; the price may drop back to $6750 and $6600 support. Bitcoin may even extend bearishness to the channel’s support at $6500 if selling pressure becomes heavy.
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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