June 19, 2024

Technical analyst called resistance level for bitcoin price

On the 3-day Bitcoin chart, a “hammer” pattern has formed, indicating in favor of a bullishU-turn in the short term, but the price needs to gain a foothold over $ 7,380, analyst Omkar Godbowle said.

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In his opinion, only if this mark is successfully overcome is a rally to $8,000 possible. If the price consolidates below $6,515, we should expect a further fall, he added.

Godbole demonstrated a positive scenario on the 4-hour chart, where an “inverted head and shoulders” pattern was formed. The 14-day RSI indicators indicate oversold conditions.

Technical analyst called resistance level for bitcoin price

CoinDesk Markets Data

The growth analyst with a favorable alignment of forces called the tech analyst $ 8,245.

Earlier today, the price dipped amid news of the Upbit hack, but then quickly recovered. Over the past three hours, growth has been observed.