From our last Bitcoin price analysis: “Breaking down the $7000 – and the important $6800 will be the test level. There is a very strong support term”. As of writing these lines, seems like the $6800 support holds, but, during the next day Bitcoin is going to be tested with a significant resistance level: The long-term descending trend-line, a short term trend line along with Moving Average 50 days. This support turned resistance area is at $7150 – $7250.
Closing above it, followed by a decent volume of buyers, might be a signal to another up move towards $7600.
Yet, it seems very bearish over the last days. The trend was followed by a very high volume of sellers. However, the market cap hasn’t changed match – this might indicate that money is changing hands from Bitcoin to the biggest altcoins and stays in crypto.
From the bear side, to sum up, breaking down $6800 will likely lead re-testing of the next support levels: $6600 and $6400 (weaker support levels).
Bitcoin Prices: BTC/USD BitFinex 4 Hours chart
Source: Crypto Potato