Bitcoin Price Analysis: BTC Hanging In The Balance As Buyers Defend $6,800

Bitcoin dropped by a small 1% today as the cryptocurrency continues to battle with the $6,800 level.
The cryptocurrency rolled over yesterday to drop from the $7,400 level to reach the current support at $6,800.

Bitcoin is hanging in the balance as the cryptocurrency currently trades at support around the $6,800 level. It had previously been trading above $7,000 where it struggled to break above resistance at the $7,400 level.

Bitcoin dropped from $7,400 yesterday and fell back beneath $7,000 but managed to find the support at the $6,800 level. This price is an important level as it provided a strong level of resistance from the market during the late half of March 2020 and therefore is expected to provide strong support moving forward.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

Market Overview

Analyzing the daily chart above, we can clearly see Bitcoin resting at the support at around $6,800. It fell into support at the .382 Fibonacci Retracement level yesterday, priced at $6,765, but managed to close the day above the $6,800 level.

We can see how $6,800 had provided resistance for the market during both late-March and early April and therefore it is expected to provide strong support moving forward. However, a break beneath $6,800 could prove to be devastating for Bitcoin as it would unwind toward the $6,000 level.

Short term prediction: Bullish

Bitcoin remains bullish right now but is in strong danger of turning neutral if it drops beneath $6,800.

Support toward the downside is located at $6,800, $6,765, $6,500, $6,300, $6,100, and $6,000.

On the other hand, if the buyers climb higher, resistance lies at $7,000, $7,174, $7,400, $7,500, and $7,676.

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.

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Yaz Sheikh

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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