Bulls Defend Support Line as Bitcoin Bounces and Attempts to Move Up

The BTC/USD pair is in a sideways trend above the $7,000 price level. Bitcoin may go up to $7,700 as the falling wedge pattern forms.

Bitcoin Price Long-Term Prediction: Bearish 

The BTC market has been on a bearish run but the coin finds support at $6,750. The price is in a stalemate as the market moved up to retest the price at $7,250. Bitcoin is expected to go up as the market forms a falling wedge pattern. This implies that the price will reach a high of $7,700 or $8,100. Conversely, if BTC drops and falls below $6,750, Bitcoin will find support at $5,500. 

Bitcoin Indicator Reading 

Bitcoin is ranging above the support of the falling wedge. The pair will sink, once the support is breached. The pair is declining and nearing level 29 of the daily RSI period 14.              

Key Supply Zones: $10,000, $11,000, $12,000

Key Demand zones: $7, 000, $6, 000, $5,000

                        

What Is the Next Direction for BTC/USD?

Bitcoin is fluctuating as the bulls successfully defend the support at $6,750. The forces of demand and supply will decide the next move as the market pause above $7,000. On the chart, we see Bitcoin trading inside a falling wedge. From the top of the wedge, the price begins to wide from the top and contracts as the price moves lower. In a falling wedge, a bullish breakout is imminent.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.