7240 is a level to watch right now. It was a low on the 18th March. It's also where an ascending and a descending trend-line intersect so it's a bit of a line in the sand for the bears and the bulls. Despite the recent calls that bitcoin is dead in the last 24hrs price has picked up $700 so the bulls are still in this fight.
Note
A new line in the sand has formed at 6650. If this breaks lower I expect the levy to break. I don't want Bitcoin to break so I'm long from 6680. My stop is at 6540. Note
Well it broke lower hit my stop then it rallied to 6980. So this was a false break as it only spent 3hrs below 6850 before returning to the range. This is a bullish sign as normally support becomes resistance and a new range forms.Note
Look at the money flow indicator at the bottom of this 4 hrs chart. Buyers are back and we're above 7240. 
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.