Bitcoin failed to recapture the $ 7000 mark. What’s next?
CONTENT

  • BTC forecast on the weekly chart does not look the best.

  • Bitcoin breaks a rising wedge that has become resistance again.

  • Token returned to the previous range of $ 6900- $ 5700.

Bitcoin failed to recapture the $ 7000 mark. 

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At the end of the past week, Bitcoin could not grow and close above the important resistance level around $ 6800.

Despite attempts to break through this resistance and repeated testing, Bitcoin failed to confirm the breakout and as a result formed a long upper wick, which speaks of bearish potential of the main digital currency in the medium term..

Weekly forecast

On the weekly chart, Bitcoin closed below an important support level, which again acquired resistance status around $ 6,800. Moreover, the quotes have formed a long upper wick with a very small body on the candlestick charts, which collectively signals a negative outlook for the cryptocurrency..

Failure to break through local resistance indicates the presence of a bearish token potential. In the event of the development of a downward impulse token As the use of cryptocurrencies increases, new types of tokens appear. They can represent value or something intangible like voices. Two … More will head towards the 200-week moving average in the $ 5650 region, while the next support is at $ 5350.

Future dynamics

Shorter-term charts show that the price has broken the rising wedge, and yesterday’s dynamics only confirmed the support of the wedge as resistance, especially since the token did not violate the integrity of the inverted hammer.

If a downward impulse develops, the yen will meet immediate support around $ 6300.

Even shorter time frames show that Bitcoin will return to the previous range of $ 5700- $ 6900.

In this context, the April 6-9 rise above the $ 7000 level looks like a short-term deviation from the range to which the quotes have already returned. Meanwhile, the middle of the range coincides with the previously noted support.

If the coin loses its short-term support level, we can expect a decline towards the $ 6,300 level.

So, the main cryptocurrency broke down the rising wedge, which became resistance again. We believe that the price will continue to decline to at least the $ 6300 support area.

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