• Bitcoin trades over 4% higher on Tuesday but volume is currently thin.
  • 7K is the next major level on the upside but the previous wave high of 6,866.10 needs to be broken first.

BTC/USD 1-hour chart

Bitcoin is still looking pretty bullish toward the end of the US session on Tuesday. The price trades around 4% higher at 6,750.00 and could still hit the psychological 7K target. Overall we are still in the retracement phase from a major fall. On March 12th the price of BTC/USD fell around 38.81%. At the moment the price has pulled back around just over a 3rd of the price drop. 

Looking at the hourly chart closer now, the price is trading above both moving averages. The RSI is also positive which is a good sign. Looking at the candlesticks it seems that the size of the up candles is dropping which could mean that momentum is slowing down. The green horizontal line on the chart is the next support one (6,437.50). Remember that the price is still in a downtrend on the higher timeframes so counter-trend trading is very dangerous so keep the risk tight if this is your strategy.

Bitcoin 7K target

Additional levels

BTC/USD

Overview
Today last price 6751.94
Today Daily Change 256.93
Today Daily Change % 3.96
Today daily open 6495.01
 
Trends
Daily SMA20 6766.59
Daily SMA50 8446.8
Daily SMA100 8226.42
Daily SMA200 8407.6
 
Levels
Previous Daily High 6630.29
Previous Daily Low 5683.95
Previous Weekly High 6951.22
Previous Weekly Low 4437.02
Previous Monthly High 10511.86
Previous Monthly Low 8431.17
Daily Fibonacci 38.2% 6268.79
Daily Fibonacci 61.8% 6045.45
Daily Pivot Point S1 5909.21
Daily Pivot Point S2 5323.4
Daily Pivot Point S3 4962.86
Daily Pivot Point R1 6855.55
Daily Pivot Point R2 7216.1
Daily Pivot Point R3 7801.9

 

 

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