Bitcoin (BTC) Price Analysis For the Week, $6700 reachable

BTC is not getting strength and still in control of bears. There was a slight upward movement in price but bears are still keeping the charge in market. On 4hr chart MACD is deeply under -ve and bearish zone which seems bear are going to last a little longer.

Volumes are also getting lower which is main reason for no Bull run. EMA is also below MA which is again sign for the bearish trend, unless large volume gets in place EMA may fall further below MA.

Current Resistance level for BTC is at $6500, once this level is crossed we may see up trend to $6700 and may be to $6900, after which price will retrace for a corrective rally.

Support level are standing at $6200, and may test $6100 level. However, if price goes below $6050 then bear trends will last more longer and price may touch August Lows of $5900.

Thats how the market may end with this weekend.

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Disclaimer: This is merely an opinion and not to be considered as Financial adivce on which to take financial decision. Every investment and trading move involves risk, you should conduct your own research when making a decision.