March 29, 2024

Forecast on the Bitcoin exchange rate: the coin will continue to trade near $ 7400

Forecast on the Bitcoin exchange rate: the coin will continue to trade near $ 7400

Over the past 24 hours, the Bitcoin (BTC) cryptocurrency has fallen in price by 0.83%, and buyers are unlikely to be able to gain a foothold higherresistance level around $7400. Due to thisChannel trading is expected to last until the end of the year.

Key points

  • Bitcoin is trading above the support level of $ 7100.
  • A channel is formed on the hourly chart, in which BTC / USD trading is likely to continue until the end of 2019;
  • A break of the $ 7100 level will be a signal for a further decrease in BTC / USD.
  • At the beginning of the week, the price of the first cryptocurrency rose to $7,435, followed by a decline with a recovery above $7,200.  At the time of writing the analysis, the price of Bitcoin is $7,347.

    Forecast on the Bitcoin exchange rate: the coin will continue to trade near $ 7400

    In terms of trading volume, in the coming daysThere are unlikely to be any major price fluctuations. Current channel – this is the finishing interval after the second deep rebound of BTC from the resistance level. As testing is repeated, there is a possibility that the scenario will repeat itself.

    Thus, MA10 and the Bollinger Band have formed a support, and therefore the market will continue to trade in the range from $7,100 to $7,400.

    The point of further decline is located at $ 7100. Note that the bears are now relatively strong, so it is recommended to go short.

    Entry Points:

    Short: $ 7340-7450;
    Goal: $7300–7100;
    Stop loss: $7550.

    Long: $ 7100-7050;
    Target $7250-7300;
    Stop loss: $6900.