Bitcoin finds support at $ 6,300
First, a little review: Bitcoin could not rise to a price of over $ 6,600 on Monday. The price then fell and found support at $ 6,300. This is shown on the graphic by the orange and green rectangles.If Bitcoin hadn’t found support there, the price could have dropped even further, to $ 5,850. This is represented in the graphic by the red rectangle.
Is there a bang?
Since the low point in March, the bitcoin price has been moving in the form of a rising triangle. Bitcoin could soon leave this pattern. This breakout from the pattern will then be as large as one side of the triangle. You can see how large this range should be by the blue arrow.The graphic shows the period from February to early April. Each candle on the graphic represents four hours.
Rise of fall?
Will the Bitcoin price rise or fall? According to some experts, one should look at the previous price movement. Before the price formed the triangle, Bitcoin lost value. In this case, the likelihood of a negative breakout is greater, and the Bitcoin price could drop to $ 3,800 again.
In the event of a positive outbreak, Bitcoin could rise to $ 9,600. So the cryptocurrency would be at the same level as before the crash in late February.The next few days will be exciting. According to Coinmarketcap, Bitcoin is currently traded for around $ 6,624. This is an increase of 4.62 percent compared to the previous day. How do you think the course will develop now?