Bitcoin settles over $ 7000 – what’s next?
Bitcoin continues to strengthen, surpassing $ 7,300.
Support and Resistance are located at $ 6750 and $ 7750 respectively.
Bitcoin is trading within a rising wedge pattern.
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On April 6, Bitcoin rallied reasonably, forming a bullish engulfing candlestick pattern and closing at $ 7355, above the resistance of the previous long upper wick. The next major resistance is expected at $ 7750.
BTC formed a bullish engulfing candlestick pattern and surpassed the $ 6850 mark, which now acts as a support. Moreover, the price surpassed the $ 7200 annual open level. Finally, the daily RSI has risen noticeably above 50, which is a positive signal suggesting an uptrend.
However, the quotes ran into resistance in the form of a 50-day moving average (MA), a breakdown of which will open the way to the next resistance around $ 7750..
On the mid-term charts, the cryptocurrency is trading within the rising wedge pattern and is in close proximity to the resistance line. The price can continue to trade within this pattern until it reaches the $ 7750 resistance, after which it will make a bearish break.
In this scenario, you should pay attention to important support in the $ 6200 area.
On short-term timeframes, the price has been following the rising support line since March 30th. Bitcoin has confirmed the status of this level three times already. In addition, bearish divergence signals are present on the hourly chart RSI. This indicates a high probability of movement in the direction of the support line, which in this case will confirm the long-term upward support line from the wedge pattern..
At this stage, a bearish break below the support line cannot be predicted with confidence. The most likely scenario now is consolidation within the wedge pattern, within the range of $ 7000- $ 7600.
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At the same time, Bitcoin continues to trade within a bearish pattern and is approaching the next significant resistance level, a breakout of which is unlikely.
The previous analysis of bitcoin can be read here.
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