Price Analysis

Bitcoin (BTC) Turns Down Below $7k Yet Appears Bullish

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  • Bitcoin, at the time of writing, was trading below $7k after experiencing an intraday bearish hit and therefore fails to retain support from 50-day and 200-day MA
  • A bearish wedge will be, however, confirmed if BTC price does not make a quick rebound
  • It was just in the past 24 hours when the price of Bitcoin slid below $7k after a notable price accumulation around $7.2k with steep intermittent fall and rose at the beginning of the previous week

Today, it is important to note that Crude Oil has experienced one of the major blows in 2 decades as the consumption plummets to almost nullifying need due to lockdown. Well, people believed Bitcoin and cryptocurrencies are the most volatile form of investment assets. Today, I believe the fact that traditional investments are doing no good either. As the investments face massive selloffs, Bitcoin is holding strong support with intermittent volatility, which happens to be the nature of investments.

As per the young and determinant CEO Nischal Shetty, Crypto is at least standing through its support and not facing a set back due to the effect of the pandemic or the lockdown. Well, we think crypto being a decentralized investment asset, is holding a positive point against the global crisis.

Bitcoin Price Analysis

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BTC/USD Chart By TradingView

On an intraday chart, Bitcoin breached the previous week’s uptrend on the bygone weekend and failed to retain support as it slid below $7k. However, now the major support lies around $6.7k, and a quick rebound is a must for BTC to remain bullish as the halving is in less than a month. The investors seemed to be quite vigilant as the MACD immediately held a bullish divergence after a bearish hit to $6.8k around the closing hours yesterday, $7.2k is the major resistance to watch out for, and RSI lies at 40.46 after rising from the utter bottom at 30.

Major investors are inviting their money in Bitcoin to maximize profit. Bitcoin will surely go up on chart with a booming bullish trend. If you also looking to make an investment in Bitcoin and make a good profit from it then check out BitcoinCodeExperts.com. It is a platform that lead you to maximize your profit from Bitcoin.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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