Following our previous price analysis, Bitcoin had tested the strong support line at $7,300 (support line + moving average 50 days support – marked in purple) whereas the pennant was broken down into a heavy red candle. and from there we’ve seen a slow rise. Typically to weekends, there is not much trading volume. but so far looks like normal price action.
From here, strong support at $7,300 and then $7,000. From the bull side, breaking up the $7,700 mark will probably lead a quick move to retest resistance level at $7,900 – $8,000.
BTC/USD BitFinex 4 Hours chart
Cryptocurrency charts by TradingView