Bitcoin Holds at the Lower Levels, Possible Bullish Double Bottom Likely

Disappointingly, the pair was repelled after testing the  $7,600 resistance and slumped to $7,200. It appears the buying power of the coin is not sufficient at the upper price level to propel the coin. Assuming the market is ready; a break over $7,800 will achieve a minimum target of $9,200. Once more, if the uptrend is sustained above $9,200, there is no doubt the coin will surpass the $10,000 mark.

Unfortunately, Bitcoin may fluctuate between $6,500 and $7,800, once the price rise is scuttled.  As Bitcoin consolidates, a break beneath the $6,500 will be disastrous for the coin. Investors will lose confidence in Bitcoin and the market sentiment will be dampened.

Bitcoin Indicator Reading 

According to MACD, the pair is still prone to fall as it is beneath the zero line. At first, the price breaks above EMAs signifying that the coin is rising but slumps again because of the bears’ irresistible force. The propensity for the coin to turn down is likely while beneath the EMAs.

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 could not proceed with the bullish move because of its inability to penetrate the $7,600 resistance. With this interruption of price movement, the sideways move has begun. The bulls and bears may engage in price tussle between $6,500 and $7,800 for a few more weeks. Traders should buy when the price breaks above $7,800 resistance. The prospect is that Bitcoin will trade above $9,000.

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.