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On our previous BTC price analysis, we mentioned the option of a quick drop to re-test the 2018 all-time low $5900 – 6000. Bitcoin almost reached the above target, followed by tremendous amount of volume, before buyers stepped in. As the market was oversold, we could expect such correction.
As of now: this correction, which in our opinion can even reach the trend line (marked in light blue) at around $7000 – $7,200, is still considered under bear market conditions. Scholastic RSI is at its high levels (market is over bought) so we can expect a slight correction down in the next hours.
Bitcoin is now testing the important resistance level at $6,500 – 6,600. Next resistance levels are $7,000 – 7,200 (as mentioned above) and $7,350. From the bear side, $6,400 is now resistance turned-support, and of course – the $5,900 yearly low.
BTC/USD BitFinex 4 Hours chart
Cryptocurrency charts by TradingView
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