Bitcoin Price Analysis – Bitcoin Warms Up For New Rally, Buy Or Sell?

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RESULTS

• Bitcoin’s bearish sentiment is suspended in a sideways following a nice recovery from $4000
• The $6000 resistance is a key breakout level for Bitcoin to start a short-term increase

Bitcoin has remained in a consolidation mode for a while now after recovering from the $4000 (the current 2020 low) last week. Though Bitcoin is still under a bearish control the sentiment is technically weak at the moment. There’s a need for a break above the $6000 (the level that Bitcoin got rejected two days ago after the Fed rate cut news) before we start to consider bullish move on a short-term.

Key resistance levels: $6000, $6500
Key support levels: $5000, $4465

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

Since Bitcoin bounced back from $4000 (Bitfinex), the price has been facing resistance around $6000, which is now subjecting the market to a sideways trend. Yesterday, Bitcoin made daily low at $4465 but managed to climb back to where it’s currently trading at $5300 against the US Dollar.

As we can see on the 4-hours chart, Bitcoin is charging towards the $6000 resistance again. If the price can test this resistance and overcome it, the next level of resistance would be $6500 and above. More so, buyers would need to push above the grey regression line for a clear uptrend. On the downside, $4465 remains temporal support for Bitcoin. A fresh decrease may start if the price drops beneath this support.

Bitcoin (BTC) Price Analysis: Hourly Chart – Neutral

The hourly chart for Bitcoin shows that the price is forming a bear flag pattern. As we can see, the price is reaching a tight area on the symmetrical triangle. We should expect Bitcoin to break out from this triangle in the next 48-hours. Meanwhile, the price could break to both sides.

In case of a break-up, the first resistance level for Bitcoin is $6000 (weekly high), followed by $6300 (the support-turned-resistance on March 12). Above this resistance lies $6500. Inversely, Bitcoin holds fragile support at $4800. The next support here is $4465 (yesterday’s low), which is slightly below the triangle. In case of a significant break-down, the price could roll back to $4000 (last week’s low).

BITCOIN BUY ORDER

Buy: $5300
TP: $5700/ $5900
SL: $4800