BTC forms flag at 1-hour chart

01.04.2020 12:13:59

In recent days, Bitcoin has corrected below the $6600 level, while remaining above the $6250 support level and 100-hour SMA.

On the BTC/USD hourly chart, the price forms a flag pattern with a resistance of about $6420. Accordingly, we have two scenarios. The price of Bitcoin will either rise above $6500 or fall to the region of $5850. However, in the case of growth, Bitcoin will face a strong level of $6600, which is a weighted average price. If Bitcoin manages to overcome this level, it will be able to test the $7000 mark.

btcusd-1-04.jpg

If Bitcoin can’t overcome the $6600 level, it needs to stay above the 100-hour SMA. If Bitcoin falls below the SMA, it will go to the support level of $6000 and then be able to test the $5850 mark.

Thus, the main support levels are $6250 and $6000. The main resistance levels are $6450, and $6600.