2018-7-17 15:42

Yesterday was a big day for the crypto markets, and Bitcoin’s price had a substantial gain on significant volume. Yesterday’s post noted that resistance is to be expected as we draw closer to $6850 and that it is also likely that the 50EMA will act as extra resistance around this point. This is turning out to be the case with the bull movement losing steam as it draws closer to $6850.

For the day so far, we are slightly in red but on low volume. The daily candle has been forming a doji showing some indecision. Price action tends to touch off significant levels so a continuation in the upwards price movement towards $6850 is a strong possibility but a daily close above this point would be a bigger challenge. However, many analysts predict a change in sentiment if this occurs, and it would be likely that price action would continue above $7000, at least, if it can close above the $6850 mark. Higher lows have formed in both price action and the RSI, and the MACD is approaching the centreline for a crossover to the upside – all bullish signals.

Bitcoin Daily Chart

On the four hour chart, we are seeing a similar picture with many signs pointing towards further upward movement. Price action is trading above the 200EMA which could act as a support level given a drop. 200EMA is currently around the $6600 mark. The 50EMA is crossing the 100EMA to the upside, and if price action continues to trade above the 200EMA, it is expected that a golden cross will form over the next few candles. Higher lows have also been forming in both the price action and the RSI.

Bitcoin 4hr Chart

On the hourly, we have seen the 50EMA and the 100EMA crossing over the 200EMA to the upside showing momentum is in the upward direction. The 50EMA is currently approaching the $6600 level which corroborates that this may be an important support level if the price were to drop. Price has been trading in a tight range on low volume over the last few hours as traders place their bets on the direction of the next significant move.

Bitcoin Hourly Chart Key Takeaways Significant resistance for Bitcoin expected at $6850. If daily can close above this point, analysts predict movement above $7000 $6600 could act as the support level in the case of a drop Higher lows forming in both price action and RSI on the daily and 4hr charts Recent trading has been in a tight range on low volume. Many signs point that the next significant move could be towards the $6850 level. Potentially a slow drop to the $6600 first and then up to $6850 from this point. DISCLAIMER: Investing or trading in digital assets, such as those featured here, is extremely speculative and carries substantial risk. This analysis should not be considered investment advice, use it for informational purposes only. Historical performance of the assets discussed is not indicative of future performance. Statements, analysis, and information on blokt and associated or linked sites do not necessarily match the opinion of blokt. This analysis should not be interpreted as advice to buy, sell or hold and should not be taken as an endorsement or recommendation of a particular asset.

Bitcoin Price Analysis – Can BTC Close Above $6850? was originally found on [blokt] - Blockchain, Bitcoin & Cryptocurrency News.

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