Bitcoin Price Facing Huge Decision: Bearish Double-Top, Or Finally Break Above The $7,200 3-Week High — BTC Price Analysis
The past days were promising for Bitcoin: After finally succeeding in breaking the $6800 resistance mark,
Bitcoin price had seen a decent run of $400 to the reach $7236 as the highest price since the March 12 collapse. As mentioned in our previous price analysis, while Bitcoin was trading around $6700: “we already identify bullish divergence, which can fuel the next move above.” The overall setting looks bullish on the 4-hour chart, going through healthy higher-lows trajectory. However, the mini bull-run from Thursday stopped at the same high from March 20. This might end as a double-top formation, which is a bearish pattern that marks short-term top. The latter will invalidate once Bitcoin breaks above the $7200 area and build demand around it. What we saw on Thursday is a nice tryout, but many sellers were waiting around the $7200 level, what quickly pushed Bitcoin back down to the $6600 — $6800 range. For the short term, Bitcoin found support upon the $6600 level, facing the $6800 — $6900 resistance area from above.
Total Market Cap: $189.9 billion
Bitcoin Market Cap: $123.8 billion
BTC Dominance Index: 65.2%
Key Levels To Watch & Next Possible Targets
– Support/Resistance levels:
As mentioned above, Bitcoin is now facing the familiar $6800 — $6900 resistance area. Further above lies $7000, followed by the $7200 price zone, which is defined as critical level for Bitcoin to prove short-term bullishness and cancel the double-top threat. If we see a new April high, then the next resistance should be around $7400, before reaching $7700. The last will mark a full recovery from the March 12 dump. From below, the initial level of support lies at $6600. Down below lies the $6300 — $6400 support area, followed by $6200.
– The RSI Indicator:
Despite the recent day’s bullishness, Bitcoin is still facing the crucial RSI level of 50. A bullish signal if, and only if, breaking back above the 50 RSI levels.
– Trading volume:
Thursday’s bullish run was followed by the highest amount of trading volume over the last ten days. However, the volume was still far below the March highs.
Article Produced By
Yuval Gov has over 15 years of trading experience in the stock exchange, graduated from TAU — Economics and Management. Fell in love with the crypto space. Does Crossfit to get away from FOMO.
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