Bitcoin Price Analysis: BTC Rebounds From Turbulent Weekend But How High Will It Go?

30 Mar, 2020

By Yaz Sheikh

Contributor

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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Bitcoin increased by a total of 8% since opening up today as it currently trades at $6,360.
The cryptocurrency managed to find some strong support after rolling over this weekend which allowed it to rebound from $5,850.

After a turbulent weekend, in which Bitcoin rolled over from $6,800 and dropped as low as $5,850, the cryptocurrency has rebounded by a total above 8% as Bitcoin climbs back above $6,000. The coin climbed as high as $6,450 but has since pulled back slightly as it trades at $6,370.

Bitcoin was trading within an ascending price channel for the past 2-weeks but broke beneath this channel yesterday. It is now seeing resistance at the previous lower boundary of this price channel as the buyers try to push higher.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

Market Overview

Taking a look at the daily chart above, we can see that Bitcoin was struggling to break above the resistance at $6,800 this weekend which caused it to roll over and drop. It had found support at the lower boundary of a rising price channel but eventually broke beneath this in yesterday’s trading session.

Bitcoin went on to drop as low as $5,850 before rebounding higher today to reach the current trading price of $6,377.

Short term prediction: NEUTRAL/BEARISH

The break beneath the rising price channel has put Bitcoin in danger of turning bearish. However, the subsequent rebound has allowed it to regain some hope moving forward as it still remains neutral.

If Bitcoin can break back above the rising price channel, the first level of resistance lies at $6,542. Above this, resistance lies at $6,800, $7,000, and $7,174.

Toward the downside, support lies at $6,100, $6,000, $5,850, $5,786, and $5,600.

Key Levels

Support: $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: $6,542, $6,800, $7,000, $7,174, $7,200, $7,270, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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Why Trust CoinGape

CoinGape has covered the cryptocurrency industry since 2017, aiming to provide informative insights Read more… to our readers. Our journal analysts bring years of experience in market analysis and blockchain technology to ensure factual accuracy and balanced reporting. By following our Editorial Policy, our writers verify every source, fact-check each story, rely on reputable sources, and attribute quotes and media correctly. We also follow a rigorous Review Methodology when evaluating exchanges and tools. From emerging blockchain projects and coin launches to industry events and technical developments, we cover all facets of the digital asset space with unwavering commitment to timely, relevant information.