Bitcoin recently saw a huge decline in price and fell into the 'capitulation' phase. A lot of participants sold their holdings in that phase. Bitcoin fell from $7600 when majority of analyst were expecting a Bullish run. Since that moment, Bitcoin continued to fall till $5800 and at that point there was significant chances that Bitcoin might be going down to $5500 but Bitcoin bounced back from that level.
Currently, Bitcoin is trading at $6750. If we look at the charts, $6800 is a major resistance level for Bitcoin which it was unable to cross in past 1 month. Bitcoin has rejected from that level almost 5 times and recently too, Bitcoin has rejected that price level twice.
So, what would be the potential movement of BTC?
Let's have a look at that:
If we look at the above chart, Bitcoin was able to surpass all the previous resistance levels easily and with high volume but when it comes to $6800, it always shows some kind of weakness.
Now, if we look at the chart, BTC has bounced from first 'red' box and currently rose way above it and trading at $6762. If BTC breaks the $6800 with volume, we might expect it to test $7100 then.
Only $6800 resistance break would confirm BTC 's Bullish trend, until then we can just wait because current levels are not good for profitable trades.
Thanks for reading ..!!