Where are the Next Resistance and Support Levels for Bitcoin?BTCUSD: Recent bearish pin bar means very little in light of the broader bullish structure that has been in place since the break of the 6425 resistance level weeks ago.
ALSO, this is what we shared previously, for your reference:
Low 7K resistance area has asserted itself, BUT price is more likely to push higher in its next bullish retrace. Why? The 6425 level was a key resistance that once taken out, offered some kind of PROOF that the balance of order flow leans more toward the bullish side. The recent indecisive price action is consistent with this idea so far. Sell offs are not “stop and go”, fear is a powerful motivator and buyers do not appear to be getting absorbed around the current price level.
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This will NOT be obvious on any oscillator, or any other random art on a chart. It is a concept that is based on price structure, proportions and forecasting methods that project forward, NOT focus on looking back. Does this mean price can’t pull back to 6K? No, but until Bitcoin provides evidence for that scenario to be likely, it is an event that we assign a low probability.