Bitcoin [BTC] Breach Above $6,800 Resistance Level Is Key To Enter A Bullish Run: Analyst

By Lujan Odera
Published March 27, 2020 Updated March 27, 2020
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Bitcoin [BTC] Breach Above $6,800 Resistance Level Is Key To Enter A Bullish Run: Analyst

By Lujan Odera
Published March 27, 2020 Updated March 27, 2020
  • Bitcoin (BTC) bulls need to push the price past the $6,800 resistance level to establish a bullish run, analyst says.
  • The target is set at $7,400 USD region if the key resistance level is broken, effectively signaling the start of an up-trending market.

Over the past few days, since the price of BTC/USD awakened from the ashes of “Black Thursday”, whereby the price dipped to the $3,600, the market has traded in a sideways pattern. Reaching an intraday high of $6,900 on Wednesday this week, bulls were in the preparedness of a break past the elusive $7,000 mark but it didn’t happen – crashing back to $6,595, as at time of publishing.

Analyst: “BTC/USD must breach $6,800 to start bullish momentum”

According to Luke Martin, a seasoned crypto trader and analyst, Bitcoin will only force a bullish run in the near term if bulls are able to breach past the $6,800 level. This will effectively set a short term uptrend in the top crypto’s market, breaking the rectangular pattern resistance in the process.

On the four hour charts, the last breakout at $5,600 on Mar. 19 saw the price shoot up to the $6,900 level at its peak and a similar run could set the price of Bitcoin to $8,500 key resistance level.

However, extended losses below the $6,400 mark could see BTC/USD fall back to the $5000s level with support provided at $5,670. Moreover, an extended stay below the $7,000 level may see the bears’ strength start to grow and a dip even further should be expected.

Image from TradingView

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Lujan Odera
396 Articles
Been in the field since 2015 and he still love everything blockchain and crypto! FC Barcelona fan. Author and journalist. Follow him at @lujanodera.

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