Rally Isn’t Over Yet ...
Bitcoin is trading in a bullish zone above the $7,450 and $7,400 support levels against the US Dollar. BTC might dip a few points, but it remains well bid for a rally to $8,000.
Bitcoin is showing a lot of positive signs above the $7,400 and $7,200 support levels.
A clear break above the $7,650 resistance could open the doors for a fresh rally.
There is a short term contracting triangle forming with resistance near $7,625 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could correct a few points, but the bulls are likely to protect the $7,400 support
Bitcoin is Back in Uptrend
This past week, bitcoin started a strong rise from the $7,028 swing low against the US Dollar. BTC price gained bullish momentum and broke the key $7,200 resistance level.
It opened the doors for a decent increase above the $7,400 resistance and the 100 simple moving average (4-hours). The price even climbed above the $7,500 hurdle and traded to a new weekly high at $7,788.
Recently, there was a downside correction below the $7,600 level. Bitcoin traded below the 23.6% Fib retracement level of the recent rise from the $7,028 swing low to $7,788 high.
On the downside, the $7,400 support area is acting as a strong buy zone (the previous breakout zone). The 50% Fib retracement level of the recent rise from the $7,028 swing low to $7,788 high is also near $7,408 and acting as a decent support base.
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It seems like the price is currently consolidating above the $7,400 support. More importantly, there is a short term contracting triangle forming with resistance near $7,625 on the 4-hours chart of the BTC/USD pair.
Bitcoin is showing a lot of positive signs above the $7,400 and $7,200 support levels.
A clear break above the $7,650 resistance could open the doors for a fresh rally.
There is a short term contracting triangle forming with resistance near $7,625 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
The pair could correct a few points, but the bulls are likely to protect the $7,400 support
Bitcoin is Back in Uptrend
This past week, bitcoin started a strong rise from the $7,028 swing low against the US Dollar. BTC price gained bullish momentum and broke the key $7,200 resistance level.
It opened the doors for a decent increase above the $7,400 resistance and the 100 simple moving average (4-hours). The price even climbed above the $7,500 hurdle and traded to a new weekly high at $7,788.
Recently, there was a downside correction below the $7,600 level. Bitcoin traded below the 23.6% Fib retracement level of the recent rise from the $7,028 swing low to $7,788 high.
On the downside, the $7,400 support area is acting as a strong buy zone (the previous breakout zone). The 50% Fib retracement level of the recent rise from the $7,028 swing low to $7,788 high is also near $7,408 and acting as a decent support base.
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It seems like the price is currently consolidating above the $7,400 support. More importantly, there is a short term contracting triangle forming with resistance near $7,625 on the 4-hours chart of the BTC/USD pair.
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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.
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.