Bitcoin Rebounds, Rallies above $7,200, Upward Move Likely

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Apr 06, 2020 at 12:15 // News

Bitcoin rallies above $7,200

Surprisingly, the bulls failed to sustain the price above the $7,000 overhead resistance after BTC rebounded and a price spike followed on April 2. The bears have earlier taken BTC to the low of $6,180 and immediately the price rebounded to a high of $7,049.


BTC also encountered a price spike which rally above $7,200. The bulls could not sustain the upward movement due to stiff resistance from the bears. 


The bears pushed price downward and Bitcoin found support above $6,800. The market is now consolidating above $6,800 pending the determination of the next move of BTC. Meanwhile, buyers are pushing upward for another possible retest. Failure of the bulls in this attempt will invite the bears to sink Bitcoin. Nevertheless, if the bears turn around and break the $6,800 support, the downtrend may resume.


Bitcoin Indicator Reading 


Bitcoin is currently above the 60% range of the daily stochastic. The market is currently in a bullish momentum but it is conflicting with the price action. In the meantime, BTC is approaching the resistance line of the descending channel. Bitcoin may have a change in the trend if the resistance line is breached.


BTC-CoinIdol_(5).png


Key Resistance Zones: $10,000, $11,000, $12,000


Key Support Zones: $7, 000, $6, 000, $5,000


What Is the Next Direction for BTC/USD?


Bitcoin has been fluctuating between $6,000 and $7,000 since March 20. On many occasions, the bulls have taken price to the high of the overhead resistance to break it. This has proof abortive. Possibly, a bullish breakout will take Bitcoin out of the resistance zone. Similarly, the bulls have stopped the bears from sinking BTC beyond $6,000.


Disclaimer. This analysis and forecast are the personal opinions of the author that are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.

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