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
PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.
Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.