Bitcoin Price Analysis – Bitcoin Forms Double-Top Amid Consolidation, Can Bulls Push Further?

• The double-top spotted on the 4-hours chart could send Bitcoin back to $5000 if buyers fail to push higher.
• Short-term bullish sentiment would remain valid as long as Bitcoin respect the forming channel pattern

There’s no much volatility since our previous crypto trading signals as Bitcoin continue to consolidate over the past 48-hours. Buyers are still finding it difficult to push above the $6900 level. However, Bitcoin is now roaming around $6650 following a 0.45% loss overnight. As of now, Bitcoin is still much under the bulls’ control.

Key resistance levels: $6900, $7500, $8000
Key support levels: $6000, $5677, $5000

Bitcoin (BTC) Price Analysis: 4H Chart – Neutral

Looking at the market structure, Bitcoin is still indecisive; waiting for a sudden price movement. We can see that the volatility is subdued with choppy price actions. Bitcoin has technically formed a double-top around the $6900, which could lead to a bearish move if it plays out. On the other hand, the price is still shaping inside an ascending channel to show that the bullish trend is valid.

However, if Bitcoin keeps respecting this channel, we can anticipate an increase above the $6900 to $7500 and possibly $8000 resistance. Alternatively, Bitcoin is likely to roll back to $5677 and $5000 if a double-top pattern comes into play. The key breakout level for such bearish actions is $6000. We need to wait patiently before can confirm a continuation or a reversal.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

After recovering from a weekly low ($5700), Bitcoin saw a nice increase to reach $6900 mark but failed to climb higher. Yesterday, Bitcoin retested the $6900 (around the channel’s resistance) but got rejected with a huge price dumb to $6400 (on the channel’s support) before recovering slightly to $6800.

Following last 24-hours drops, Bitcoin is now trading around the channel’s support again. A possible bounce could throw BTC back to $6800 – $6900 resistance area. If a channel breakdown occurs, the price could sell-off straight to $6400 and $6200, marked green on the hourly chart. As it stands now, the trend is still in favour of the bulls.

BITCOIN BUY ORDER

Buy: $6606
TP: $6800
SL: $6390