• Bitcoin continues to hold gains around $6700 after two weeks of recovery
• A break above $6900 could fuel more bullish rally to $7500 in the coming days
Bitcoin’s volatility is still shrinking at around $6700 for the past few days now, showing no sign of interest amongst traders. While the $6900 level holds on the upside, the $6400 level continue to stand against sell actions on the downside. Bitcoin would need to break tight levels before we can determine the next actual direction.
Key resistance levels: $6900, $7200, $7500
Key support levels: $6400, $6000, $5677
Bitcoin (BTC) Price Analysis: 4H Chart – Neutral
Though Bitcoin is struggling in a consolidation mode for a while now; but the setup is still looking bullish on the 4-hours chart. We can see that the $6900 resistance is posing a serious threat to buyers over the past days. Meanwhile, the double-top pattern that was mentioned in our previous crypto trading signals is still forming.
A break above $6900 should provide more buying opportunity to $7500 resistance. If a breakout fails, Bitcoin could sell at $6400. Below this support lies $6000, which is slightly below the ascending channel. If Bitcoin keeps dropping, the next support to keep an eye on is $5677, right on the first green area on the chart.
Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish
As can be seen on the hourly chart, Bitcoin is currently trading around the lower boundary of the channel at the moment. The price is attempting to breakdown from the channel. If the Bitcoin manages to drop from this ascending channel, there’s close support around $6400, in the green area. The following support is located in the second green area of $6200.
On the other hand, the price could bounce back to $6900 resistance if Bitcoin shows strength again. A drive above this crucial resistance could bring us straight to $7200 resistance and perhaps $7500 if buying pressure is strong. But as of now, Bitcoin is in a neutral mode, deciding on the next major rally.
Bitcoin needs breakout from the current price areas before we can initiate an entry.
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