BTC is Getting Back up After Declining to Below $6k Levels

News / 30.03.2020

BTC has recently noticed severe steady drops from the support level at $6.5k, with the price breaking the largest barrier at $6.2k at the 100 hourly SMA. 

Even further, the bears broke the price to below $6k, leading BTC to trade at an even low of $5,846. However, the most recent information shows BTC prices recovering from $5,950 and $6k levels. 

BTC dropped mostly from $6,875 to a low of $5,846. Additionally, there was a slow break when the resistance was nearing $6,080 at the hourly chart. Currently, the coin is trading at a $6.2 barrier, which was the most recent support. 

As the recovery comes, new barriers are forming from $6.3k, with the most vital resistance standing at $6,350 during the 100 hourly SMA. There is a 50% Fib retracement in decline from $6,875 to the $5,846 level, with the significant resistance starting at $6,360. 

There is a possibility of a highly successful break above the resistance levels at $6.3k and $6,350, leading to a further rise shortly. A proper resistance level will form at $6.5k and $6,650.  

If the prices fail to recover above the $6.2k and $6.3k barriers, it will result in a worse decline, with the primary support on the decline being $6k and $5,950. The most extensive support is at $5,850, but there could be severe declines in just the short term if the prices fall below that.

The hourly relative strength index of the BTC/USD pair is increasing above the 50 barriers, with the most crucial supports being at $6k and $5,950. The significant resistance is currently going to be between $6.2k and $6,350.

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Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.