With regard to BTC, this weekend is looking to be in the same vein as the whole of this week – uneventful. The Bitcoin price has been trading steadily in the $7,100 – $7,300 region, which also includes the 61.8% Fibonacci retracement of Bitcoin’s move from $3,100 to $13,924 early this year.
Friday the 13th was a positive day for the market as buyers took charge and marshaled the price from an intraday low of $7,179 to an intraday high of $7,290 before ending the day at $7,258.
However, Saturday hasn’t been as kind. Stiff resistance at the $7,250 mark saw the Bitcoin price drop to a low of $7,140 and is now trading near the $7,180 level.
With no significant support protecting BTC below, the price could drop even further before Saturday ends; however, the possibility of a major drop or rally occurring in the next few sessions is looking increasingly unlikely.
Meanwhile, $7,250 is looking to be a major point of resistance as the SMA 5, SMA 10, SMA 50 and the one-month 23.6% Fibonacci retracement level all lie at that level.
The MACD has also crossed below zero, which is a sign that favors the bears. The previous support level of $7,600 has turned into very strong resistance and in order to see any reversal in fortunes, the Bitcoin price should break through $7,600 first.