How will Bitcoin perform this week?
The performance of BTC/USD at the moment is within a positive zone over $7,000. The price of the pair has good support on dips as long as it does not close under $6,830.
In the previous week, BTC began a strong recovery wave in the support zone between $6,400 and $6,500. A look at the 4-hour chart of BTC against the USD shows that the price of Bitcoin was able to break some resistances close to $7,000 level and the 100 SMA.
Further, there was a rallyrally over hurdles at $7,200 and $7,300. It eventually surged to near the hurdle at $7,500, thereby forming a fresh high in the week close to $7,486. Its direction turned to the downside and declined under $7,300 and the 100 SMA.
Right now, it is like the price of Bitcoin is within a range over the support at $7,000 and under the hurdle as $7,240. Besides, on the same chart, there is the likelihood of the formation of a bullish continuation pattern with hurdle close to $7,180.
Hence, the occurrence of an upsurge over the hurdles at $7,180 and $7,240 may lead the price to a new bullish wave. The next hurdle is close to $7,300, and a move over it may lead to $7,500 and $7,600.
On the other hand, a break could ensue on the downside underthe supports at $7,100 and $7,000. If the downside break happens, the price could visit the support zone at $6,960.
The key support is close to $6,830, under which the price may possibly return to the downside into a bearish area. The immediate key supports are close to $6,500 as well as $6,400.
Featured image courtesy of Shutterstock. Source: CryptoPress.