Bitcoin begins rally: $7,000 and above or under $6,000?

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William D. Baltzell
Posts: 368
Joined: Thu Nov 07, 2019 8:19 am

Sat Mar 21, 2020 5:28 am

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Bitcoin's surge in the last 24 hours has been splendid, a 24% surge in the last 23 hours. The market cap, which had dipped below $100 billion is now at $120 billion and has a 24-hour trading volume at $57.6 billion.

BTC surged from $6,190 to $6,990 in 7 hours, however, it failed to capture $7,000 and is has started a pullback. This pullback could unveil itself in two different scenarios, each sending the price in a different direction.
  • Since hitting $6,990, BTC has seen an 8% decline in price and looks like more downtrend is underway.
  • The pullback has two support levels, one at a 4% decline from the current price and the other at 11% decline.
  • If the pullback finds support at the first level, BTC has a potential surge of 32% coming for it.
60 Minute Bitcoin Chart

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The one hour chart indicated that the consolidation for BTC was completed and that the price was on its way to conquer $7,000, $8,000 and other important psychological levels. On its way to these levels, bitcoin faced resistance at $6,990, which prevented the price from rising higher. This has resulted in a pullback that has plans of dragging bitcoin back to $6,190 and $5,775.

The first level would mean the price has to decline a total of 4%, the other level would cause bitcoin to trend downwards and shed 11%. A bounce from either of these levels would have a higher chance of breaching the resistance at $6,190 and $6,990.

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