BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We've just seen bitcoin 0.51% fall below the March 18th low of 7,240. We went down as low as 6,615 and bounced back fairly quickly to cover $600. The speed at which this bounce occurred indicates buyers. I see 7240 as a key level. If more buyers appear now it could be seen as a failed break down BUT it's more likely that support will become resistance at 7,240 and we will head lower to test 6615 again.
There's been lots of talk of a double bottom appearing at the 6,000 level, from February 6th , so I expect support to appear above 6,000.
A double bottom at 6615 is another possibility.
There are many possibilities for the immediate future of bitcoin 0.51% and a resurrection this weekend is another. If 6,000 fails I expect many to abandon their faith in Bitcoin 0.51% and support at 6,000 will become resistance for a long time. This is a real line in the sand for the battle between fiat and cryptos. Happy Easter.
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