Bitcoin near critical resistance

Amid the high volatility we have seen on the financial markets, cryptocurrencies, preferred by many traders exactly for their volatility, mark another increase.

And despite the increase of over 80% from the lows around $3850, there are signs that the market has not yet found a bottom.

On the 1D chart the price is near critical resistance levels.

Also taking in consideration the corrective character of the current move up, there is a big possibility price to get rejected around 0.618-0.7 Fibonacci retracement around $7200-7600. In case of a break up, next level of resistance is located around $7700-8200.

4H chart is printing ascending price channel with decreasing volume. If this channel is a bear flag, target measuring the flag pole would be around $3000. 4H chart showing bearish divergence on the RSI.

As the downward movement began last month, Elliot wave analysis signals for a new impulse movement to $ 3,000 levels.

 Junior Trader Radi Djuma

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