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Bitcoin (BTC/USD) - Monitor 7565 For Near-term Resistance

Bitcoin's (BTC/USD) bearish price action has been very apparent. During this downswing, there has been consolidations that still gave clues to further downside in BTC/uSD. During the 3/18 session, price continued to slide into new lows on the month.

BTC/USD 1H Chart

  • As we can see on the 1H chart, price broke an Asian session consolidation during early part of the 3/18 US session.
  • This dip turned the overnight support of 7565 into a potential resistance.
  • If we see price rally during the 3/18 session, we should monitor 7565.
  • Inability to push above 7565 could open up further downside during the 3/19.
  • Remember, Bitcoin was way over-hyped in December, and possibly even during the summer. 
  • While I believe the $5800-$6000 support will hold, it should not be surprising if price does go back to $3000. 
  • Such is the volatility of this space and we can only accept it be prepared. 

Bitcoin's (BTC/USD) Rally Could be a Dead Cat Bounce

Bitcoin (BTC/USD) Head and Shoulders is a Bearish Continuation Pattern