A break of 6,600 could lead to lower levels

April 14, 2020 Editor Bitcoin 0

  • Bitcoin has pulled away from its recent high but trades 0.81% higher on Tuesday.
  • The price has found some support but 6,000 looks like an important level.

BTC/USD 4-hour chart

Bitcoin has moved away from best level recently but there is a key support zone near the current price to be aware of. 6,600 has been used as both support and resistance on this chart as you can see below and it looks like the bears may come in to test the zone again. The price has made a lower high recently followed by one lower low wave which his a low of 6,555.00. Since then the price moved slightly higher and today BTC/USD trades at 6,913.00. 

There could also be some support from the trendline just ahead of the aforementioned support level. The trendline has been tested 3 times which makes it valid but it really depends how much selling volume comes in. If the levels are broken on the downside the next support area is at 5,847.33 which has also been used around 3 times on this chart alone. On the topside, 7,464.20 is the wave high that the bulls need to target but at the moment the selling pressure looks to be firm.

Additional levels