Bitcoin Analysis- Bulls needs to defend 7200$ level
The last 3D candlestick Closed as shooting star candle after rejection at 8400$ Level.
8400$ level was also 100MA resistance at 3D Timeframe.
On 3D Chart, It's visible that the price bounced from 200MA and rejected at 100MA on the 3D timeframe.
The 7100-7200$ area is acting as strong support - where price has spent lot of time before breaking down/out in the last few weeks.
The 7100-7200$ area is also an imp support level on the Daily timeframe - where 21MA,50MA is located.
Drop is imminent after looking at current shooting start candle but the price needs to hold above 6800-7200$ to be in the bullish side.
Losing of 6800$ could open a path to a new low in 5500-6000$ range.
Short Trade Setup:
Entry: 7900-8200$
Exit: 7200-7500$
STOP: 8400$
8400$ level was also 100MA resistance at 3D Timeframe.
On 3D Chart, It's visible that the price bounced from 200MA and rejected at 100MA on the 3D timeframe.
The 7100-7200$ area is acting as strong support - where price has spent lot of time before breaking down/out in the last few weeks.
The 7100-7200$ area is also an imp support level on the Daily timeframe - where 21MA,50MA is located.
Drop is imminent after looking at current shooting start candle but the price needs to hold above 6800-7200$ to be in the bullish side.
Losing of 6800$ could open a path to a new low in 5500-6000$ range.
Short Trade Setup:
Entry: 7900-8200$
Exit: 7200-7500$
STOP: 8400$
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