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Bitcoin (BTC/USD) Continues to Chop Around Now Testing $7000

We recently noted that bitcoin was likely going to push to $6900 if i was able to hold above $6600. Indeed, price was rallied to $7000 during the 4/11 session. We said this was going to be a critical resistance, because if price fails to clear $6900-$7000 for a couple of sessions, BTC/USD would likely fall back towards $6600 and then $6450. 

Bitcoin (BTC/USD) 1H Chart

Congestion:

  • Let's take our focus away from specific levels. 
  • Note that the market has been volatile, but seems to be narrowing in price range. 
  • The overall price structure is still bearish (a head and shoulders pattern during a downtrend). 
  • At this point, a break below $6800 could send price back to $6600 and eventually $6450. 
  • If price can get to $6450, I would not rely on this level as support outside of the very short-term (like within a session or two). 
  • If price can break above $7200, then we can look at the April consolidation as a possible price bottom. 
  • For now, I would not get too excited about this week's recovery. 

EOS Making a Strong Case for a Bullish Reversal

Crypto Trade Board Review - 4/10/2018