Bitcoin Price Analysis: Bitcoin Retakes $7000 Resistance After Daily 6% Increases

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6 April 2020 | Updated: 8 April 2020

• Bitcoin broke out from a 4-hour triangle but the bullish sentiment is still shaky under $7285
• If the price closes above $7000 today, Bitcoin could hit $8000 on a short-term rally.

After April 2 fakeout, Bitcoin traded sideways for three days and reclaims the $7000 spot today, following a nice 6% growth over the past hour. The growth has brought BTC price to around $7100 at the time of writing. This bullish sign would become valid only if the price can close above $7000 today. If not, the bullish action may still be suspended.

Key resistance levels: $7285, $7600, $8000
Key support levels: $6800, $6600, $6170

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

For the past 7 days now, the bulls have been showing a lot of commitment on the daily chart. Following the push from $6600, Bitcoin is now trading well above $7000; although it still needs to surpass, the $7285 (April 2 high) resistance before we can have a strong bullish rally.

BTCUSD, Daily Chart – April 6

Bitcoin is likely to create a new high around $7600 and $8000 if the mentioned resistance breaks up. $9200 may come as monthly high if we see a huge buying pressure. As of now, Bitcoin is holding support around $6800 – $6900 price area. Support below this area is $6600 and $6170, right below the triangle.

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

The latest triangle breakout suggests a bullish sign for Bitcoin on the 4-hours chart. Although, the BTC volatility is currently choppy with price bar. A huge price movement should be expected as soon as Bitcoin surpasses the $7285 rejection level last week. By then, $7600 and $8000 would be the next bullish targets.

BTCUSD, 4H Chart – April 6

Meanwhile, Bitcoin is currently supported by $7000. Below this support lies $6800, followed by $6600, which has been suppressing bearish pressure for the past 7 days. If Bitcoin dips below this support, we can expect huge selloff to $6170 and $5880 support, inside the grey demand area. But as it appears now, Bitcoin might show strength for the next few days.

BITCOIN BUY ORDER

Buy: $7000
TP: $7285
SL: $6922

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Michael Fasogbon

Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.