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Bitcoin Price Analysis: BTC Surges Ahead, Faces Strong Rejection at $7,200

Over the weekend, Bitcoin price surged almost reaching the $7,300 resistance. The market was stable and the volume was dropping gradually. One condition for a big move is that the market must be stable and the volume is low.

BTC/USD - 4 Hour Chart

BTC/USD – 4 Hour Chart

Breakthrough in $7200 and $7400 levels

On Saturday, April 18, the king coin appreciated to the high of $7,284 and move up to $7,300. The focus of a bullish market trader is intended to reach the next resistance level. Thereafter, Bitcoin will reach its ultimate target price of $8,000. Unfortunately, it was obvious that BTC will face resistance at $7,300 resistance. Analysts believe that a breakthrough in the $7,200 and $7,400 levels would be a strong bullish signal.

That would takeBitcoin price to the $7,800 and $8,000 levels. Subsequently, the momentum will rise to $9,000. On the contrary, the coin is facing rejection at $7,200. As the resistance zone faces rejection, a sell-off is likely to occur. The price will make a series of lower highs and lower lows. BTC will find support in the levels of $6,800,$6,600, $6,400 and $5,900. The coin is presently at level 54 of the Relative Strength index. This indicates that price is in the uptrend zone

BTC/USD - Daily Chart

BTC/USD – Daily Chart

On the daily chart, a bearish rising wedge is forming in the downtrend. The prices open wide at the beginning while it contracts at higher levels. This rising wedge implies that prices will fall when the selling pressure resumes. Bitcoin is above 60 % range of the daily stochastic. This indicates that the market is in a bullish momentum.

 

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