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Bitcoin Price Analysis: BTC Hanging In The Balance As Buyers Defend $6,800 – Where To Next?

Bitcoin-Cash-BCH

  • Bitcoin dropped by a small 1% today as the cryptocurrency continues to battle with the $6,800 level.
  • The cryptocurrency rolled over yesterday to drop from the $7,400 level to reach the current support at $6,800.

Bitcoin is hanging in the balance as the cryptocurrency currently trades at support around the $6,800 level. It had previously been trading above $7,000 where it struggled to break above resistance at the $7,400 level.

Bitcoin dropped from $7,400 yesterday and fell back beneath $7,000 but managed to find the support at the $6,800 level. This price is an important level as it provided a strong level of resistance from the market during the late half of March 2020 and therefore is expected to provide strong support moving forward.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

BTC/USD. Source: TradingView

Market Overview

Analyzing the daily chart above, we can clearly see Bitcoin resting at the support at around $6,800. It fell into support at the .382 Fibonacci Retracement level yesterday, priced at $6,765, but managed to close the day above the $6,800 level.

We can see how $6,800 had provided resistance for the market during both late-March and early April and therefore it is expected to provide strong support moving forward. However, a break beneath $6,800 could prove to be devastating for Bitcoin as it would unwind toward the $6,000 level.

Short term prediction: Bullish

Bitcoin remains bullish right now but is in strong danger of turning neutral if it drops beneath $6,800.

Support toward the downside is located at $6,800, $6,765, $6,500, $6,300, $6,100, and $6,000.

On the other hand, if the buyers climb higher, resistance lies at $7,000, $7,174, $7,400, $7,500, and $7,676.

Key Levels

Support:$6,800, $6,500, $6,100, $6,000, $5,911, $5,786, $5,636, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436.

Resistance: $7,000, $7,174, $7,400, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.

References

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