Bitcoin Price Analysis: Bitcoin Recovers 3% Overnight But Bearish Correction Continues

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RESULTS

• After a wedge breakdown, Bitcoin is still suspending major correction on the 4-hours chart
• 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.

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