In our latest BTC analysis on March 20, we observed how bitcoin would deal with horizontal resistance and whether it would overcome it.
On March 20, for the first time since the biggest fall this month, we were attack at $ 7,000 but unfortunately reached only $ 6,900.
Subsequently, the BTC was repelled by bears who did not give him a chance of success. On that day, the BTC fell to $ 5,670.
Five days later, so today we can see exactly the same scenario where the BTC pushes to $ 7,000 but was again bounce from $ 6,957.
Our horizontal resistance zone works exemplary and proves that both technical analysis and our forecasts work.
What can we expect next days?
Bitcoin, despite the difficult situation in the world, has potential to recovery its reputation and come back above $ 7,000, which is the zone where was recorded the biggest fall in 24H timeframe in the history of the BTC.
The probability of 60% breaking over $ 7,000, 40% of going back below $ 6,000.
We still have our chart below and the laws out there:
- The horizontal resistance zone is risky and if we are not overcome we are still in the hands of bears.
- If we overcome it the bulls will confirm their strength and then it will be necessary to create on $ 7K a new support zone that will serve for our further trading and analysis.
- In the course of trading you have the current opportunity in the area of 7k for short positions and to buy BTC and open LONG still focus on TRENDLINE, which has already held us twice and confirmed its importance.