On Wednesday, Bitcoin (BTC) price was on the rise, along with traditional markets, when the Senate approved the $ 2 trillion economic incentive bill aimed at providing relief to businesses and workers affected by the coronavirus pandemic. Although Bitcoin price pushed the resistance level of $ 6 thousand 959 after the rise, it got rejected from here and withdrew. Before this withdrawal, BTC reached a little over $ 7,000. According to CoinMarketCap data, BTC was trading at $ 6 thousand 638 at the time of writing.
Looking at the shorter timeline, you can see that the price’s bouncing wedge pattern bounces off the support and resistance trend line and constantly meets $ 6 thousand 970.
Despite today’s retreat, Bitcoin is still struggling to make a push above the $ 6 thousand 970 resistance. As a result, he is trying to see 7 thousand 79 dollars. Investors will also notice that Bollinger Tapes are pulled tight as the buying and selling volume decreases over a 4 hour period. Typically this is a sign that a sharp move is being made.
As stated in the previous analysis, $ 7,200 is expected to show considerable resistance, and if the price can find support, it will come together in this range and Bitcoin will be better positioned for a gradual move towards $ 8,000. If the price drops below the Bollinger Band moving average ($ 6,646), there is a possibility that it will drop from $ 6,515 to $ 6,450. Below that is 6 thousand 200 dollars of support.
BTC Bull Scenario
The bull scenario will require Bitcoin to support an area between $ 6,500 to $ 6,900, and then the gap in the volume profile visible range to exit the rising wedge to take advantage of $ 6,000 to $ 7 thousand 700.
A high-volume price of over $ 6 thousand can make a higher trial over $ 7 thousand 929. Since the 50-day moving average and 200-MA are generally hidden, 8,000 dollars will be positioned as a major obstacle to overcome.
Bear Scenario
An increased wedge breakdown is expected to drop to $ 5,500 and $ 5,500 if the price revises the previously mentioned key support levels ($ 6,515, $ 6,450, $ 6,200) and the $ 6,500 is unable to provide support.
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