Bitcoin rolled over today as it dropped by a total of 5%, causing it to fall back beneath the $7,000 and drop as low as $6,765 before rebounding higher. The cryptocurrency found strong support at this level around $6,800 which had provided much resistance previously.
The cryptocurrency is in a critical position right now with the next few days dictating the direction that it will head over the next 2 weeks. A drop beneath $6,800 could be detrimental to Bitcoin as it would lead the cryptocurrency back toward the $6,000 level. However, with the upcoming Bitcoin halving in 30-days, it is unlikely that Bitcoin will remain beneath $7,000 for very long.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
Market Overview
Taking a look at the daily chart above, we can clearly see Bitcoin struggling at the $7,400 level over the past 4-days of trading. It rolled over today to drop beneath support at $7,174 and $7,000 to reach the current support at $6,800.
More specifically, we can see Bitcoin actually found support at $6,765 which is provided by a short term .236 Fibonacci Retracement level.
Short term prediction: Bullish
Bitcoin still remains bullish in the short term but a break beneath $6,800 would turn it neutral.
If the sellers do push beneath $6,765, we can expect support at $6,500, $6,320 (.382 Fib Retracement), $6,200, and $6,000.
On the other side, resistance lies at $7,000, $7,174, $7,400, $7,676, and $8,000.
Key Levels
Support:$6,800, $6,500, $6,100, $6,000, $5,911, $5,786, $5,636, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436.
Resistance: $7,000, $7,174, $7,400, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.
