We recently noted that bitcoin was likely going to push to $6900 if it was able to hold above $6600. Indeed, price was rallied to $7000 during the 4/11 session. We said this was going to be a critical resistance, because if price fails to clear $6900-$7000 for a couple of sessions, BTC/USD would likely fall back towards $6600 and then $6450. $BTCUSD 1H Chart (click to enlarge) Congestion: Let's take our focus away from specific levels. Note that the market has been volatile, but seems to be narrowing in price range. The overall price structure is still bearish (a head and shoulders pattern during a downtrend). At this point, a break below $6800 could send price back to $6600 and eventually $6450. If price can get to $6450, I would not rely on this level as support outside of the very short-term (like within a session or two). If price can break above $7200, then we can look at the April consolidation as a possible price bottom. For now, I would not get too excited about this week's recovery. From CoinPowR