Bitcoin Price Analysis: BTC Rebounds From Turbulent Weekend But How High Will It Go?
- Bitcoin increased by a total of 8% since opening up today as it currently trades at $6,360.
- The cryptocurrency managed to find some strong support after rolling over this weekend which allowed it to rebound from $5,850.
After a turbulent weekend, in which Bitcoin rolled over from $6,800 and dropped as low as $5,850, the cryptocurrency has rebounded by a total above 8% as Bitcoin climbs back above $6,000. The coin climbed as high as $6,450 but has since pulled back slightly as it trades at $6,370.
Bitcoin was trading within an ascending price channel for the past 2-weeks but broke beneath this channel yesterday. It is now seeing resistance at the previous lower boundary of this price channel as the buyers try to push higher.
BTC/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can see that Bitcoin was struggling to break above the resistance at $6,800 this weekend which caused it to roll over and drop. It had found support at the lower boundary of a rising price channel but eventually broke beneath this in yesterday’s trading session.
Bitcoin went on to drop as low as $5,850 before rebounding higher today to reach the current trading price of $6,377.
Short term prediction: NEUTRAL/BEARISH
The break beneath the rising price channel has put Bitcoin in danger of turning bearish. However, the subsequent rebound has allowed it to regain some hope moving forward as it still remains neutral.
If Bitcoin can break back above the rising price channel, the first level of resistance lies at $6,542. Above this, resistance lies at $6,800, $7,000, and $7,174.
Toward the downside, support lies at $6,100, $6,000, $5,850, $5,786, and $5,600.
Key Levels
Support: $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: $6,542, $6,800, $7,000, $7,174, $7,200, $7,270, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.
The cryptocurrency managed to find some strong support after rolling over this weekend which allowed it to rebound from $5,850.
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 Mon, 30 Mar 2020 16:42:26 +0000
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