BTC/USD averts Coronavirus hostility, focuses on $7,000 psychological level

Fibo Quantum

  • Bitcoin price bulls are focused on clearing the resistance at $7,000 to pave the way for more bullish action eyeing $8,000.
  • The positive technical picture continues to ignore the formation of a bearish flag pattern.

Spot rate: $6,486

Relative change: -10

Percentage change: -0.15%

Trend: Bullish

Volatility: Shrinking

BTC/USD daily chart

Bitcoin price remains bullish above $6,400 (immediate support area). The selling pressure at $6,600 is lagging the bullish action targeting $7,000. However, the RSI is pointing sharply upwards as a signal for a stronger bullish momentum.

The formation a bearish flag pattern, however, threatens to erase most of the progress that has been made since Friday. On the other hand, if the technical picture remains intact, there is a big chance that bullish action would continue above $7,000.

BTC/USD 2-hour chart

BTC/USD price chart

Bitcoin price settles above the moving averages whereby the 50 SMA is in line to offer support at $6,240 and the 100 SMA at $5,814. An ascending trendline will also function as a credible support line in addition to the buyer congestion at $6,000 and $5,500.