$ 6,700 Level Matters…
Bitcoin price dropped to $ 5,700 after 3 days of trying $ 6,900 on March 20, and then tries to hold on at $ 6,700. Let us try to anticipate the possible moves of the price in the light of the economic crisis on a global basis and the developments that caused investors to act cautiously with the effect of the virus that surrounds the whole world, while the reward halfway event is like a month.
When we look at the big picture through the eyes of the weekly chart, we can see that the price is trying to recover by finding a support for 200 MA per week. The $ 6,700 and $ 7,700 resistance channels, which face the price that could not be held at $ 6,700 a week, have to be exceeded. In order for the price to exceed this level, it has to break the 100 MA weekly in a bullish way. If the resistance channel in question cannot be broken, the direction of the price will be observed as a horizontal movement rather than downward.
When we look at the daily chart, the first sign that we encounter is a possible Death Cross formation. The probable Death Cross that occurred after the Golden Cross’s failure to realize itself in mid-February raises serious doubts about the future of the price. For this reason, it is very important to follow closely. However, it should be underlined that the price should keep close to $ 6,700. Because if the price cannot hold at this level, it will leave itself below $ 6,000 and maybe below and it should be prepared.
It should be noted that the midlines of the parallel channels on the daily chart, $ 6.888, which is the intersection point, can be tried in the week we are in, it will leave a wick between $ 6,900 and $ 6,950, and if it fails to hold on these points, it tends to retreat to $ 6,000.
In addition to all these technical indicators, I would like to underline the importance of keeping in mind that daily basic analysis for Bitcoin is a vital necessity and that Bitcoin prices are capable of sudden and rapid trend change.
With Love and Respect.