So far, things are following our recent BTC price analysis. The correction to the huge green candle reached a low of $7221 on Bitfinex.
As of now, BTC price is consolidating around $7300 area, might be building a bullish pennant. Stochastic RSI oscillator has crossed at its low levels, which can tell about an oversold market (a bullish sign). Altcoins have suffered badly over the past two days, is the huge money came out of them is going back to Bitcoin or, at worst, cashed out the crypto markets?
To sum up, next major resistance level lies at $7800 – where we expect Bitcoin to complete the target level from breaking up the inverse head and shoulders pattern (at $6800). From the bear side, support lies at $7200 (around this area where BTC is now), $7000, and strong support at $6800.
Bitcoin Prices: BTC/USD BitFinex 4 Hours chart