Bitcoin Price Analysis: BTC Bulls Continue Their Struggle To Defend $6,800 With Bears On The Horizon
- Bitcoin saw a 1.18% price increase over the past 24 hours of trading as the cryptocurrency continues to battle to remain above $6,800.
- The cryptocurrency was trading above $7,000 last week but rolled over before the weekend to drop beneath this support.
Bitcoin saw a small 1.18% price rise today as the cryptocurrency continues to battle to remain above the $6,800 support level. $6,800 had provided significant resistance in March and early April and therefore is expected to provide an equal amount of support moving forward.
However, if the tide turns, and Bitcoin falls beneath $6,800, it could result in the cryptocurrency unwinding back beneath $6,000. Luckily, the bulls have battled to remain above this level over the past 5-days of trading and have been successful thus far.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
Market Overview
Analyzing the daily chart above, we can clearly see Bitcoin hitting resistance at $7,400 last week and then rolling over to drop into the $6,800 level. More specifically, the cryptocurrency has managed to remain above support at $6,765 which is provided by a short term .236 Fibonacci Retracement level.
The market is also battling to remain above support provided by a rising support trend line after rebounding from here today.
Short term prediction: Bullish
Bitcoin is still bullish but a close beneath $6,800 would turn it neutral.
If the buyers can push higher, the first level of resistance is located at $7,000. Above this, resistance can be found at $7,174 (bearish .618 Fib Retracement), $7,400, $7,500, and $7,676 (1.618 Fib Extension).
On the other hand, if the sellers push beneath the $6,765 support, added support can be found at $6,500, $6,319 (.382 Fib Retracement), and $6,000 (.5 Fib Retracement).
Key Levels
Support:$6,800, $6,500, $6,100, $6,000, $5,911, $5,786, $5,636, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436.
Resistance: $7,000, $7,174, $7,400, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.
The cryptocurrency was trading above $7,000 last week but rolled over before the weekend to drop beneath this support.
Disclaimer
The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.
Published at Tue, 14 Apr 2020 21:13:38 +0000
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