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Bitcoin Technical Analysis 3/24/20: Price May Go To $ 7,000

Cryptocurrency

Bitcoin rose more than 10% and broke the main $ 6,400 resistance. The price of BTC is now trading near the $ 6,650 resistance and could rise to $ 7,000.

After forming a support base near $ 5,800, bitcoin started a new bullish move above the $ 6,000 resistance area.

The rise was convincing as the main contraction triangle broke with resistance near $ 6,000 on the hourly chart for the BTC / USD pair. The pair even surpassed the $ 6,400 resistance and the 100-hour simple moving average.

There was a clear break above the 76.4% Fibonacci retracement level, opening the door to further gains.

Bitcoin tested the Fibonacci extension level 1,236 and it appears that the bears are defending the main resistance near $ 6,650.

If there is a break above the $ 6,650 resistance, the price could continue to rise to the levels of $ 6,952 and $ 7,000. Any additional gains are likely to set the pace for a sharp increase to $ 7,500.

If bitcoin fails to clear the $ 6,650 resistance, it could start a further decline. Initial support is close to $ 6,450. The first major support is close to the $ 6,200 level and the simple 100-hour moving average.

If there is a drop below the 100-hour average, there is a risk of a low extension to $ 6,085. Any further loss may bring the price to support levels of $ 6,000 and $ 5,800 in the short term.

  • The analysis was translated from the NewsBTC website and is not an indication of buying or selling.

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