Bitcoin Struggling to Hold Above $7,000 Resistance

Today, Bitcoin is still hovering above $7,100 after being resisted at $7,200. Surprisingly, BTC has earlier surged above $7,000 resistance and remained stable for two days. The bulls were fighting as Bitcoin almost reached a high of $7,300.

Unfortunately; buyers find penetration difficult at the $7,300 resistance. The intention of buyers is to breach the resistance levels of $7,200 and $7,400.

Thereafter, to reach out to the target price of $8,000. Regrettably, the hopes of the bulls are dashed as Bitcoin faces rejection at the $7,200 again. The bulls and bears are still tussling with prices above the $7,000 resistance level. Eventually, if Bitcoin fails to move up, a downward correction will follow. As price falls, the market will revisit the lows of $6,800, $6,600 and $6,400. Bitcoin will move up again if any of this support holds.

Bitcoin Indicator Reading 

With its recent upward move, Bitcoin is above the 60% range of the daily stochastic. The market is rising approaching the overbought region of the market. The EMAs are sloping upward indicating the uptrend.

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

Key Support Zones: $7, 000, $6, 000, $5,000  

What Is the Next Direction for BTC/USD?

Bitcoin is comfortably fluctuating above the $7,000 resistance. Presently, it is consolidating for a further downward move or upward move. A further upward move will result in the retesting of the $7,200 and $7,400 levels. A downward move will mean a fall to $6,800 or $6,600 levels.

Disclaimer. This analysis and forecast are the personal opinions of the author that 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.