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Bitcoin (BTC/USD) - Anticipating a Rebound, But Resistance Around $7280

When Bitcoin's (BTC/USD) price started to slide sharply relative to the prevailing choppy rally, we knew bears were back in control. We anticipated an eventual break below the then-$7100 support and downside to $6500. 

BTC/USD 4H Chart

Price indeed broke below $7100, but found support around $6670, it has been holding this line for almost a day now, so maybe the market can get some confidence for a rebound. Still, even if it does, I would anticipate support first at the previous low around $7100, and then around $7280. 

I would limit any bullish outlook to that $7250-$7300 area, and limit it to the short-term, which is a couple of sessions at most. 

If the market does keep Bitcoin under $7300, the pressure will likely return to the $6500, and possibly the $6000 level if we start seeing fail to climb above $7000. 

 

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