Lets have a quick look at what the Bitcoin market has been up to, and possible future price predictions.
We can see the price action the past week has lead us back to our old friend, the “resistance at $6800”. Bitcoin broke free from the 20 MA on the 4 hr chart above $6200, where we saw a nice little bull run developed pushing us to $6800.
As the Stochtastic is showing us the momentum is turning and we will most likely see a small correction here before the price action will test the resistance zone again. The market action is nice and bullish in my opinion with the possibility for the INV H&S play still on the table.
There has been quite a bit of bullish fundamentals still coming out from the crypto space, we can only be patient while all this crypto adoption is taking place.
Currently there is still major resistance around $6800, and the psychological level at around $7000. Should prices break above this zone I would expect $7400 – $7800 to be our next stop.
What to look out for in the dip, possible buying zones for the dip in my opinion would be around $6450 – $6550.
Please bear in mind the safer entry into the market is still above $7000, safe trades.