Bitcoin had been trading at a very crucial level since last 2 days and lack of volume as well as Bearish movement were signalling a breakout on the Bearish side but fortunately Bulls have returned and at least pushed the price out of danger zone. Currently, BTC is trading around $7080 which is Bullish but if we look at the overall trend, its still quite Bearish.
So, what could be the potential direction of Bitcoin in next coming hours/days?
Well, let's have a look at the chart to analyze all the possible scenarios:
As we can clearly see in the chart above, BTC gained some Bullish momentum after dumping to $6820 price level. The test of $6820 proved successful and now BTC is trading over $7000. But the Bullish action we're seeing is supported by low volume which actually is not good for the market.
Let's see how BTC can react in coming days:
- If BTC goes Bullish from here, then first resistance which it has to pass will be $7250. This is a crucial resistance level as well and breaking it would take BTC price just under $7700.
- If BTC goes Bearish from here, the first support would be $6800 and breaking it would take Bitcoin under $6600 which can turned out to be quite Bearish for BTC.
- Although, current market volume is around $13 Billion which is not very low but also doesn't support any Bullish action.
So, let's see how BTC reacts in next 24 hours.
If you're an Indian or understand Hindi language, then watch the video below. The above T.A. have been explained in this video in very detailed manner.
Thanks for reading and watching..!!
Absolutely agree, the lack of volume is a real worry, despite the bullish signs on some of the indicators.
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