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Bitcoin continues to struggle above 6830

jeffriess
March 26, 2020
by Joseph Jeffriess, Market Analyst

Bitcoin continues to struggle above 6830

Today we take a look at Bitcoin, and we can see currently its price has hit a crossroad. We continue to see the recovery trend remain in play, but the price has returned to a previous low that’s offering resistance.

We’ve brought this level up in previous videos and posts. This level 6911 has knocked price back on two attempts now, previous lows can be bearish indicators if they become new resistance points in downtrends. Currently, a new resistance point has also developed from 6740 – 6830. Today’s rally has failed at this new point. If we look at the moving averages they have straightened but still remain in a bearish cross.

Going forward, we’re looking to see how buyers and sellers react at this point. Will we see a break of yesterday’s low, starting to confirm a new leg lower and a possible continuation pattern for bears? Or could the current price action develop into a consolidation, holding the current counter uptrend? If buyers could close above 6740 that would be a good first step in showing momentum continuing and the counter-trend remaining in play. Otherwise, we will continue to watch and wait to see if the overall bearish momentum can recommence.

The key for buyers moving forward is to break 6740-6830, while the key for sellers is to break yesterday’s low at 6442 and try and get momentum back on their terms.

Good trading from Eightcap.
All times are AEDT.