Bitcoin Rejected $7150, Is It Gonna Dump Again?

Bitcoin has turned Bullish in last few days with slow and steady uptrend. Although, it is trading above $7000 right now, BTC buy pressure seems to be reduced. Bitcoin has rejected $7150 twice before a $200 dump all of a sudden. 

This shows the exhaustion of Bulls and Bears might re-entry soon. 

So, Bull-run over in Bitcoin? Is it gonna dump again?

Well, let's have a look at the chart to assume all potential scenarios:

As we can see in the chart, Bitcoin is trading above $7000 for now. But the recent dump towards $6900 was severe and a lot of volume was involved in that dump. Although, trend might shift towards Bulls again and we can expect some major Bull movements in Bitcoin again but still we'll have to discuss all the possible scenarios in which Bitcoin can react:

• If Bitcoin moves down from current price, first line of support would be obvious $7000, and then $6800. Anything below $6800 will be Bearish and trend might get shift to Bearish if that happens.
• If Bitcoin moves up from current price, the first resistance would be $7150 which BTC clearly failed to break recently. If it breaks, then next resistance would be $6350.
• Volume is still low in the market, we need solid volume to break either side.
• Next 24 hours would be highly crucial for Bitcoin's price, so keep a close eye on BTC price.

Thanks for reading..!

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