Bitcoin Remains in Consolidation above $7,400 after a Pullback

Bitcoin is three steps higher as the bears fail to breach the low at $6,800. Interestingly, the coin has temporary respite as the market maintains its upward move. Buyers are also struggling so that the coin remains above $7,000 price level. The price movement has been unstable. Bitcoin moves up after a pullback from its low of $7, 240, and commences consolidation above $7,500.

It is likely that Bitcoin will face resistance at $8,000. Nevertheless, Bitcoin is certain to be in an uptrend if the price rally above the downtrend line.

Bitcoin Indicator Reading 

From the inception of a downtrend, Bitcoin has been in the bearish trend zone. The price had been below the EMAs meaning that the price is falling. A break above the EMAs means that the coin is in an uptrend. The market has reached level 44 of the RSI which indicates that BTC is fluctuating.

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 trading above $7,400 after a pullback from its downtrend. BTC is going to trade and consolidate above $7,400 for a few more days. Bitcoin is trading at $7,500 as at the time of writing. A breakout above $8,000 is a rally above $9,000. If the bullish momentum is sustained above $9,000, Bitcoin will resume its uptrend. Conversely, Bitcoin will remain in consolidation if the coin faces resistance at $8,000.

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.