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• Bitcoin may reverse gains if the price drops below $7000, but holds strong support at $6700
After reclaiming $7000 on Monday, Bitcoin has seen a further 5% gain to reach $7450 level. Bitcoin is currently trading around $7300 against the US Dollar following a slight drop to $7082 yesterday. The bulls are still in control. We can expect the price to keep rising as long as volatility expands to the upside.
Key resistance levels: $7450, $7600
Key support levels: $7000, $6700
Bitcoin (BTC) Price Analysis: 4H Chart – Bullish
Bitcoin has made a good run over the past 10 days, bringing us to a weekly high ($7450) all the way from $5880. As shown on the 4-hours chart, Bitcoin is following a higher high and higher low pattern, which is supported by an orange ascending trend line.
The price is likely to pull back a bit to $7000 level on the orange trend line before bouncing higher to $7450 resistance. A climb above this resistance should allow buying pressure to $7600 resistance and beyond. However, if Bitcoin rolls back under $7000, the key support level to watch is $6700
Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish
Bitcoin is looking bullish on the hourly chart but the recent rejection around $7450 (marked yellow) has become noticeable over the last 24-hours trading. The price action just formed a double-top pattern, indicating a potential sell action. Though the pattern would become valid if Bitcoin drops below the current rebound level – around $7000.
Another thing to pay attention to is the decreasing volume on the price chart, which reveals a possible drop in price. If Bitcoin slumps below the previous low of $7000, the price is likely to bottom at $6800 and $6700 support, where the grey demand area lies. On the upside, Bitcoin would need to break above the previous high of $7450 before we can consider a continuation of the bullish trend.
BITCOIN SELL ORDER
Sell: $7300
TP: $7000
SL: $7500
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