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Do or Die For Bitcoin Bulls: Here’s What Could Trigger A Strong Rally
Bitcoin is slowly rising and trading above the $6,750 level against the US Dollar. BTC price must claim the $7,000 resistance to start a strong rally in the near term.Bitcoin is trading in a crucial range below the $7,000 resistance area against the US Dollar.Yesterday’s discussed Bitcoin PriceIt opened the doors for more upsides above the 50% Fib retracement level of the downward move from the $6,981 high to $6,459 low. Bitcoin price even climbed above the $6,800 resistance area.The price is currently struggling near the $6,850 level. It seems like the 76.4% Fib retracement level of the downward move from the $6,981 high to $6,459 low is acting as a major hurdle for the bulls.More importantly, yesterday’s discussed double top pattern is still active with resistance near $7,000 and support at $6,400. If there is a clear break above the $6,850 and $7,000 resistance levels, the price could start a strong rally. The next major resistance is near the $7,500 and $7,650 levels.Bearish ScenarioIf bitcoin fails to continue above the $6,850 and $7,000 resistance levels, it could start a fresh decline. The main support on the downside is near the $6,500 and $6,400 levels.A successful break and follow through below the $6,400 support might validate the double top pattern and the price is likely to slide towards the $6,000 support.Technical indicators:Hourly MACD – The MACD is currently losing momentum in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 55 and 50 levels.Major Support Levels – $6,650 followed by $6,500.Major Resistance Levels – $6,850, $7,000 and $7,200.Take advantage of the trading opportunities with Plus500Risk disclaimer: 76.4% of retail CFD accounts lose money.
Author: Aayush Jindal
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