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Bitcoin price analysis: Bounce is good, but how far?

  • Bounces off medium term support, holds $6,000.
  • Crossing past $7,000 unlikely in this run.

Bitcoin, the uncrowned King of cryptocurrencies with largest market capitalisation under its name, has managed to bounce off the medium term support but this bounce isn’t strong enough to make it a long lasting rally.

BTC/USD is up about two cents of a percent on day at $6,497 after it bounced from the descending trendline support on the 720-minute chart which has been providing support to the bulls every time prices reached this point, thankfully this time it didn’t allow to breach $6,000.

On the upside though, this bounce won’t be strong enough to cross past $7,000, which is where lies another trendline, acting as a strong resistance, making the range for next few weeks $6,000-$7000.

BTC/USD 720-minute chart:


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