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Bitcoin Forms Bullish Weekly Candlestick Pattern, But One Factor Could Derail the Trend

Yesterday, Bitcoin traded to $7,300, but then continued to move sideways in the upper $6,000 region.

It should be noted that BTC's weekly candle has formed an uptrend, and is likely to become a medium-term uptrend.

However, it remains unclear as to whether this will be enough to push Bitcoin past strong resistance just a few hundred dollars away from the current price. That leads some analysts to suggest that Bitcoin will remain bearish in the short term.



1. Bitcoin Price Still Holding After Rejection at $7,300

At the time of this writing, Bitcoin is trading at $6,900, very close to a key resistance level. This also marks a notable growth from the weekly low of $5,800. Meanwhile, the primexbt trading market is still under constant pressure to reverse the uptrend of the "bears".

The strong sell-off in Bitcoin price at $7,300 formed a strong bearish H4 candle. Some analysts predict the price will be able to continue lower.

Even so, there is one notable factor in favor of the bulls' continuation, as explained by Big Cheds - a popular cryptocurrency analyst on Twitter - in a recent tweet:

"It's been a bullish candle since Monday, and is currently testing its EMA8."

Big Cheds comment on the price zone near $7,300

See more: Crypto Community Responds to April Fools' Day Jokes

2. Plan to buy when resistance becomes support

It is important to notice that the price is facing a resistance area of ​​$6,950 to $7,200. One trader commented on this resistance area as follows:

"I won't buy when price is below resistance. But I will buy when this resistance becomes support."

When the $6,950 to $7,200 resistance area turns into support there will be a buying opportunity

As such, if Bitcoin is able to break above the 8 EMA before the weekly candle closes, the move could trigger a flood of buying pressure that will drive the price significantly higher in the medium term.

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