Author:
Looks like April Fools’ day was a joke for the Bitcoin’s price. After a severe drop, testing the long-term descending line again, and getting back up (as of writing these analysis). No, we aren’t out of the bear market.
We are currently testing resistance and might head-up for next resistance level at ~$7,350 support-turned resistance area (which is also the %38.2 Fibonacci retracement level). Breaking through and we’ll face the $7,800 – 8,000 zone. Looking at the Stochastic RSI – we’ll need some air before continue the way up. From the bear side, the strong support level at $6600 seems to hold so far. Breaking it will send us to the Feb.6 low at $5900 – $6000.
From the fundamental side, looks like there are no major news as most of the world are having Eastern holidays.
BTC/USD BitFinex 4 Hours chart
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