The cryptocurrency market is still indecisive as bulls and bears continue to fight for control.
Trader Big Cheds recently tweeted that the bull is 'working hard' to keep the $ 6,000 level. Meanwhile, BTC is trading at $ 6,307 at press time.
– Big Cheds (@BigCheds) March 21, 2020
Bear has tried several times to push prices lower today, but they have yet to succeed.
According to trader Cred, if the price of BTC breaks below $ 6k again, it will most likely continue the downtrend, and he thinks that BTC will be stuck in the previous day's range.
Got my $ 6700 trigger to sell.
Covered at $ 5970s for just under + 3R. Exit was conservative, based on H1.
If gray box breaks down then I expect price to continue lower and trade back within the intraday range (outlined).
Will update (maybe livestream) closer to W close. pic.twitter.com/8mbKll91fr
– Cred (@CryptoCred) March 21, 2020
“Activate a sell order at $ 6700.
There is a stop at $ 5970 just below + 3R. Exit the order cautiously, based on H1.
If the gray box breaks, I would expect the price to continue lower and trade back within the intraday range. ”
Bitcoin technical analysis
Last week, Bitcoin started to adjust up after it formed a pretty good support base above $ 4,000. BTC price has momentum above $ 4,500 and traded above the $ 5,000 resistance.
Bull was able to push prices above the $ 5,500 resistance. As a result, there was a sharp upward move above $ 6,000. However, the rally faced a major hurdle near the $ 7,000 level and the simple moving average SMA 100 (4 hours).
A swing high is formed near $ 6,979 and the price is currently correcting lower. It broke the 23.6% Fib retracement level of the recovery wave from a low of $ 4,328 to a high of $ 6,979.
On the other hand, Bitcoin is looking for strong bids near $ 5,800. The Fib 50% retracement of the recovery wave from a low of $ 4,328 to $ 6,979 also plays a supporting role.
On the upside, the bull is facing a major hurdle near $ 6,800 and the 100 SMA (4 hours). There is also an important downtrend line forming with resistance near $ 6,680 on the 4-hour chart of the BTC / USD pair.
If BTC gains momentum above the trend line, $ 100 SMA and $ 6,800, it is highly likely that there will be strong gains for $ 7,500 and $ 7,800 in the near future.
Major support for Bitcoin is forming near the $ 5,800 level. The next major support is near the $ 5,200 level and the uptrend trend line connects on the same chart.
If the price breaks below the support of $ 5,200, it can resume the downtrend. By then, the price will probably return to the support levels of $ 4,500 and $ 4,200.
Maybe you are interested:
Join our channel to stay up to date on the most useful news and knowledge at:
According to Tapchibitcoin