SUMMARY
Over the weekend we saw sharp bearish moves across the Cryptocurrency market, due to the price of bitcoin falling through another major level. Since the start of the week prices have been steady, with BTC rising over 2% in the previous 48hrs.
The previous 2 days have been very positive for BTC, with price stalling at the $6,630 zone and finding support at this level for the time being. After price suffered a sharp drop like we saw, it is very likely that we will see prices consolidate around this area over the next few days before we see either another retest of the $6,630 level or push to the upside, potentially retesting resistance at $7,050.
The 4hr chart clearly highlights the rejection price saw at the $6,630 region, with a strong bullish engulfing candle forming as price touch this zone. I believe we could still see price test support again before seeing any real strong bullish movement.
Will price retest the $6,630 zone again? Leave your thoughts in the comments!
