$ 6,500 and $ 7,500 Levels Will Be Decisive…
Bitcoin, which is trying to recover after the downtrend that started in early March, also tries to maintain its current gains. The price hike in the $ 7,200 band to find a direction seems to squeeze it again in a channel between $ 7,500 and $ 6,500. However, keeping the price above $ 7,500 will carry it to $ 8,000 and above, and if the price goes below $ 6,500 support, it will cause $ 5,000 to be spoken. Let’s try to look technically at the prices in the shadow of the upcoming halfway.
When we first look at the big picture as usual, we can see that the price moves below the Bollinger middle band but in the move to approach it. We generally describe the price being below the middle band as bear dominance, but we can talk about the effect of bulls when their moves to cross the middle band are strong. When we take a look at the MacdW that supports the possibility of price crossing the middle band and the RSI which is parallel in the 50 balance line for now, this possibility may be possible.
The daily chart clearly shows us that $ 6,500 and $ 7,500 are two very decisive levels. When we take a closer look at the price we take in parallel channels, we can find that the price in the middle line of the big channel finds itself a support and that support is $ 6,500. Similarly, we can see that the price meets a resistance of $ 7,500 in the middle line of the small channel. For now, the price moving between these two levels appears to be an important detail to follow which support and resistance points will follow.
On the daily chart, the Ichimoku Cloud indicates that the price is stuck and can move around at the current level for a while. The price remaining in the cloud and Tenkan Sen and Kijun Sen following each other in parallel show that the current level will be preserved. The price has found a resistance especially in Senkou Span B. Senkou Span B is the highest and lowest values of the last 52 bars (the last 52 candles in the daily chart), advanced by 26 bars (the last 26 candles in the daily chart). The resistance that the price meets and has difficulty in exceeding at this level is therefore a remarkable value that needs to be followed. However, it should be noted that the possibility of meeting the green cloud, which started to occur after the red cloud that ended after 22 bars, should not be ignored.
Underlining that the price of the dance between $ 6,500 and $ 7,500 should be followed closely, I strongly recommend you to read this article of Ömer Sakmar, published in the Koin Bulletin, about the post-halving price.