Bitcoin price kept above $ 6.8K despite anticipation of a new low test

The price of Bitcoin quickly consolidated around $ 6,650 before exiting to settle the $ 6,900 resistance level and as predicted in our previous analysis, the price quickly rose to $ 7,200 before coming back. .

Daily crypto price chart | Source: Coin360

Analysts are calling for a retest of the lower support at $ 5,800, but at this point, traders continue to buy in when prices drop and this results in a hold of $ 6,800. Given that prices have recently been launched to bounce off the ascending trendline, retesting the basic support at $ 6,600 and $ 6,330 seems more likely.

4-hour BTCT chart. Source: TradingView

The volume records display range (VPVR) shows the volume gap from $ 6,540- $ 6,370, so if Bitcoin fails to hold the $ 6,600 support level, the old support at $ 6,400 will be less likely. ability to hold. A spike in sales volume can lead to price cuts across the region and possibly through a high volume button at $ 6,330, so analysts call for prices to reconsider support at $ 5,800.

Since pushing straight to the top at the $ 7,200 resistance, the price has dropped to a lower high on the 4-hour time frame but the selling volume has quickly pulled the price from $ 7,200 to close to $ 6,700, with The increase in cash flow is shown by the Chaikin Cash Flow oscillator.

The CMF is above zero and the bulls, along with the long shadows and the higher lows of the last 3 candles on the 4-hour time frame, show the bulls are buying above the lows to support prices above $ 6,600. A decrease in selling volume also supports this observation.

BTC / USDT 4-hour chart | Source: TradingView

The price is higher than the 20 MA of the Bollinger Bands indicator at $ 6,600, a point well in line with the ascending trendline and at the time of writing the 4-hour relative strength index (RSI) is 66.

Therefore, traders can watch to see if the downtrend curve is falling or begin to pull up with an increase in buying volume on shorter time frames. If this does not happen, then the basic support described above can be rechecked.

Look forward

Lastly, the Wednesday and Thursday protests did a great job of boosting Bitcoin momentum, allowing cryptocurrencies to overcome major resistance levels and transfer a handful to support.

Daily BTC / USDT chart | Source: TradingView

On the daily time frame, it can be seen that prices continue to form higher lows and even with retesting the basic support as low as $ 5,800, the price is preparing to retest the $ 7,200 resistance level in the It has a high volume VPVR button.

Once the price pushes through the $ 7,200- $ 7,400 range, there is a volume gap, if exploited, that price will rise to $ 7,700. While this is close to setting a monthly high above $ 7,950, the 50,100 and 200-day moving averages are both near the highs and can be a challenge to overcome.

While it may take longer than expected, a move above the 100 and 200-day moving averages will signal that Bitcoin has rallied on a macro level and that a trade sustained above $ 8,500 will provide confirmation. Get stronger.

For the short term, the treader may just need to watch to see if the price holds above the ascending trend line and whether the decline will continue to be raised as this is a sign of strength.

You can see the price of BTC here.

Disclaimer: This is not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.

Most Ha Uyen

According to Cointelegraph

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