Bitcoin Price Analysis..Is it setting up for big ride?

Going back to the previous Bitcoin price analysis: “From here, next resistance as mentioned is at $6600 and then $6800 (MA-200 and resistance level)”. So as you may have guessed, Bitcoin had tested the above resistance and changed direction, down to retest support of $6400.

As of now, consolidating around the $6600 resistance again. The current resistance area had become very strong, meeting with the Moving Average 200-days line (the pink line). Support also getting stronger around $6400 area (moving average 50 days – the purple line). The two important moving averages are getting closer.

A zone to watch closely is in case MA-50 (purple) will cross above MA-200 (pink). Last time it crossed down, on May 15, Bitcoin had been torn away from the $9000 area and didn’t make signs of going back there.

To sum up: Trading volume is very low, typically to weekends. From above, MA-200 resistance, $6800 and then $7000. From below, $6400 and then $6200.

BTC/USD BitFinex 4 Hours chart

BTC July 7

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