Bitcoin Price Analysis: Will There Be A Reversal?
Last week there was a brief surge in buyers' activity. Nevertheless, soon the trading volumes declined, and the price of the first cryptocurrency continued "side" movement.
By the end of the week a lot of altcoins have grown in price. However it is it is unlikely possible to tell that in the market during this time something has cardinally changed.
Let's start the analysis from the weekly chart. For the first time in a long time, a weekly candle formed in the form of a top. In this case, the candle is "bullish", which indicates a potential spread.
There are several factors which can affect positively the further course up: the next futures contracts were a few days ago closed (just after their closing the price has directed up). Along with it the Tether company has issued additional 250 million USDT what the market couldn't but react to.
In addition to the fundamental factors, technically, the price formed "Double bottom" on a 4-hour chart. However, the price is still under pressure, as it wrote in the prewious analysis, as if on the steps, the price is moving down. To break this trend, you need to go above $ 7 000. Well, while the local resistance is located at $ 6500-6600.
Unfortunately, the recent 10% jump was not supported by volumes. The price began to flow "smoothly" downwards, as it was already more than once.
The daily chart shows how the price was fixed under the lower limit of the triangle and now tests it from the bottom.
Key points of resistance are above: $6500-6600-7000. In case of breakdown of $7000, the price with high probability will direct to global resistance around $8000.