Bitcoin Traders Look to Hourly Bullish Trend Line as Hard Support Below $6.4K: Crypto Market Daily

Crypto markets have stabilized over the past 24 hours to press time today, March 25. Most of the top ten coins are seeing around 1–2 percent change on the day.

Bitcoin (BTC) is struggling to break the $7,000 point, facing hard resistance around $6,900. The leading cryptocurrency has fallen 2 percent on the day, currently trading around $6,600 on OKEx.

Ether (ETH) has also seen a slight decline over the past 24 hours, trading around $137 on OKEx’s spot market.

The third largest crypto, Ripple’s XRP, is down just 1 percent on the day, facing resistance at around $0.16.

BTC faces crucial resistance at $6,900 level

*1H chart BTC/USD Perpetual Swap data. Souce: OKEx.com*

Although BTC obtained support near $6,500 yesterday, March 24, the rebound momentum was not strong, and the trading volumes were still low. After first being blocked at the $6,900 level, BTC failed to break through $6,800 in the second attempt.

OKEx’s market analysis team believes that as the bottom of the consolidating range gradually increases, the high point gradually decreases. This means that the space for price activity is correspondingly narrowed.

For retail investors, there are risks in choosing between long and short positions. Even if the prevailing forces suddenly raise the price in a short period of time, if it cannot break through $7,000, there is still a risk that the price will fall, forming a pin bar.

On the other hand, if the bears suppress the price, it will still quickly rebound to the current area if it does not fall below $6,000.

So, if the bullish trend line at the hourly level remains valid, the probability of a decline is small, and it is best to wait for a breakout at a crucial point and then enter the market.

As buying volume declines, bulls struggle to break out to $7K

Bitcoin’s 1-day chart above is showing that the price is and has been continuously rising towards $7,000. It seems like the breakout will happen at any moment, however, the volume chart indicates that it’s not going to be easy to break this hard resistance level as buying volumes is in fact decreasing.

This means that if the volume levels aren’t able to improve in the next few hours, the price could drop.

Investors don’t need to be worried about this possibility too much. If the price correction can stop above the bullish trend line, then a breakout may still have a chance after a short period of consolidation.

However, if the price breaks below the trend line and the rebound is suppressed by it, that means that the dump will last longer than expected.

Resistance and support levels

Short-term resistance: $6,900
Medium-term resistance: $7,000
Short-term support: $6,400
Medium-term support: $6,000

ETH faces short-term resistance at $145

*4H ETH/USD Perpetual Swap data. Source: OKEx.com*

The short-term amplitude of ETH is narrow. It remains difficult for the price to break through the range between $134 and $145.

Regardless of whether or not the bulls or the bears show signs of activation within the day, investors can directly pay attention to the hard resistance point of $155 and the effectiveness of the strong support area between $110 and $120.

Investors should notice that breaking $145 just means that bullish strength is getting stronger. It doesn’t mean that the trend is breaking out of the consolidation area unless the resistance area around $155 is broken. The changing condition of volumes is also another important factor that should be considered.

Resistance and support levels

Short-term resistance: $145
Medium-term resistance: $155
Short-term support: $134
Medium-term support: $120

XRP shows resistance at $0.165, traders look to short-term support

*1H XRP/USD Perpetual Swap data. Source: OKEx.com*

For XPR, $0.1650 has proven recently to be a strong resistance point. If trading volume cannot increase, the current resistance position will be difficult to break for a short time.

That being said, the lower support — around $0.1600 — is not strong enough. Once the price begins to fall, $0.1440 may become the first effective support level.

Remember that it is not a good time to enter long if the price has just broken $0.1650 in the short term. Traders should wait for the price to stabilize and break through the medium-term resistance level of $0.1750.

Resistance and support levels

Short-term resistance: $0.1650
Medium-term resistance: $0.1750
Short-term support: $0.1440
Medium-term support: $0.1270

Disclaimer: This material should not be taken as the basis for making investment decisions, nor be construed as a recommendation to engage in investment transactions. Trading digital assets involve significant risk and can result in the loss of your invested capital. You should ensure that you fully understand the risk involved and take into consideration your level of experience, investment objectives and seek independent financial advice if necessary.