Bitcoin Price Analysis: Following $6K Rebound, BTC Facing Essential Decision Point

Bitcoin remains up by a solid 8% over the past 24 hours associated with trading as it gained more than $6K in less than two days, just before slightly retracing from the $37. 6K resistance area.
The main cryptocurrency has seen an extremely interesting but volatile 7 days after breaking beneath the symmetrical triangle pattern upon Monday and sharply shedding as low as $31, 000 upon Tuesday. However , the come back was even quicker, so that as mentioned above, earlier today bitcoin reached resistance around $37, 630, provided by a immediate bearish. 786 Fib Retracement level. Roller coaster.
Since writing these lines, bitcoin is retesting the lower border of the triangle amid the particular $36k level, which grew to become support.
As mentioned in yesterday’s analysis, the last three times of candles have formed an ideal morning start reversal design. This could be the first indication that will bitcoin is attempting to come back and set a temporary bottom pursuing the severe decrease since mid-May, which resulted in a fifty percent loss.
Another bullish indication is coming from the decent wicks that can be seen on the every day chart. As for the four times bitcoin dropped below $33k, buyers rushed to buy plus increase the price and shut the daily candle over that level which signifies strong accumulation.
Another thing to notice is the “floor” forming throughout the $30k-$31k mark, which is up to now seen as a triple bottom (bullish pattern) over the past month. This really is true unless the latter stops working.
However , it is essential to note that will vitcoin is still forming a number of lower highs trajectory to the daily chart and should break the high from earlier June at $39, four hundred to indicate that this 2-month lengthy (since current mid-April ATH) downward trend is beginning to fade. Additionally , it would nevertheless need to break the solid resistance at $42, 1000 (200-day MA and prior January high).
BTC Cost Support and Resistance Levels to view
Key Support Levels: $36, 100, $35, 130, $34, 350 – $34, 500, $33, 520, $33, 500.
Key Resistance Levels: $37, 630, $38K, $38, 470, $39, 400.
Looking ahead, the very first support lies at $36, 100 (. 236 Fib). This is followed by $35, 140 (. 382 Fib), $34, 350 (. 5 Fib), $34, 000, and $33, 520. Added support is located at $33, 000 plus $32, 465.
On the other side, the very first resistance lie at $37, 630, which is yesterday’s plus today’s high as of creating these lines, along with the bearish. 786 Fib level. More above lies $38, 500 (the descending trend line), followed by $38, 470 (bearish. 886 Fib), $39, four hundred, and $40, 765 (medium-term bearish. 382 Fib).
The particular RSI has returned towards the midline, indicating indecision inside the market. On the recent come back, it did spike over 50 but was unable to exceed the early-June peak. This means that that the bullish momentum may have quickly faded, and the downtrend still remains intact till the RSI can produce a clear drive above the 60 degree.
Bitstamp BTC/USD Daily Graph
BTC/USD Daily Chart. Supply: TradingView. Bitstamp BTC/USD 4-Hour Chart
BTC/USD 4-Hour Graph. Source: TradingView.
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Cryptocurrency charts by TradingView.

Tags: Bitcoin (BTC) Price

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About The Author

Yaz Sheikh

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Yaz is a cryptocurrency specialized analyst with over 7 years of technical analysis investing experience. As an Economics graduate student, he has taken a keen fascination with the future potentials of blockchain in the financial industry. Getting rid of crypto from the equation, Yaz loves to watch his preferred football team and keep up dated with the latest fights inside the UFC.