• Bitcoin is already forming a lower low and lower high pattern in an hourly channel.
Bitcoin continued to struggle under $7000 since price plunged from $7450 last week. After dropping to $6600 yesterday, Bitcoin slightly bounced back with 3% to reach $6900 at this time of writing. It would take a significant break above $7000 level for Bitcoin to resume the uptrend. As of now, bulls are finding it difficult to overcome this key resistance level.
Key resistance levels: $7000, $7191, $7450
Key support levels: $6600, $6400, $6200
Bitcoin (BTC) Price Analysis: 4H Chart – Bearish
As can be seen on the 4-hours chart, Bitcoin recently recovered from $6600 after falling off an ascending channel on April 10. At the moment, Bitcoin’s price is increasing towards a key level of $7000, which is around the grey descending line that has been forming since February.
Bitcoin could start a new bullish cycle if the price breaks above this line. In such a case, Bitcoin’s price is expected to reclaim $7191 and $7450 resistance. Towards the downside, a major line of support is $6600 – marked yellow. Below this support lies $6400 and $6200 – blue line. A further break could dip BTC in the grey demand zone in no time.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
A look at the market structure suggests that Bitcoin is following a bearish trend on the hourly time frame. The lower low and lower high pattern are captured in a channel; although Bitcoin is currently retracing near the channel’s resistance at $7000. From here, we can expect a huge price movement to the downside if Bitcoin keeps respecting this channel boundary.
If not, the price of Bitcoin may increase to $7191 and $7450 resistance, above the channel. An increase above this resistance would confirm a fresh bullish rally. However, Bitcoin is currently trading around $6800 support and similarly holding major support at the channel’s lower boundary – $6600.
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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