Technical analysis of the Bitcoin price - 10 April 2018

Bitcoin price has lower tops and higher bottoms, which form a triangular formation, and the direction in which the biggest cryptocurrency is heading may signal a longer-term mood in the market. At the moment, the digital money leader is testing the support levels at about $ 6700, and if he can hold on, he can reach the upper limit of $ 7,000, where he will face more serious resistance.

Unfortunately, however, the technical indicators show that the more likely direction is down and that we are already entering an overbought zone, that is, buyers are beginning to die from the pressure of vendors.

The triangular formation range is about $ 1,500. If the support level at the 6700 really does not hold back, then an additional drop of $ 5,200 is very possible. If Bitcoin's price still breaks the resistance level at $ 7,000, then an additional jump to 8500 is not off.

The analysis is for informational purposes only and does not constitute advice, recommendation or offer to buy or sell Bitcoin, any other crypto or financial instrument. SuggeElson is not responsible for any losses after the use of the current analysis. Invest wisely and only amounts that you can afford to lose.

image source - tradeView