- Bitcoin increased by a small 1.5% today as the cryptocurrency trades at around $7,323.
- The cryptocurrency recently broke above resistance at $7,175 and is using this as support moving forward.
This week saw Bitcoin surging above the upper boundary of the previous consolidation pattern as the cryptocurrency penetrated above $6,800. It went on to break above resistance at $7,000 and $7,175 to reach the current trading level at $7,323.
A close above $7,400 would allow Bitcoin to continue further higher during the week to reach as high as $8,000 over the next few days.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
Market Overview
Analyzing the daily chart above, we can see that Bitcoin cleanly broke the previous ascending triangle over the past 3-days as it went on to break above $7,000. It recently broke up above resistance at $7,175 which is provided by a bearish .618 Fibonacci Retracement level and is now using this as support moving forward.
Short term prediction: Bullish
Bitcoin is now certainly bullish in the short term but must break above $8,000 to turn bullish over a longer period of time.
Trending Stories
If the buyers do continue higher above $7,500, the first level of resistance is located at $7,676 which is provided by a 1.618 Fibonacci Extension level. Above this, resistance lies at $8,073 (bearish .786 Fib Retracement), $8,200, and $8,600 (bearish .886 Fib Retracement).
On the other side, the first level of support is located at $7,175. Beneath this, support lies at $7,000, $6,800, $6,500, and $6,319.
The RSI has now broken above the 50 level to show that the buyers have now taken control of the market momentum.
Key Levels
Support: $7,174, $7,100, $7,000, $6,800, $6,500, $6,100, $6,000, $5,911, $5,786, $5,636, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436.
Resistance: $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.
- Bitcoin Cash Sinks 7% As Its Biggest Advocate Is Accused Of Default
- Here’s Why Ethereum (ETH) Price Can Plunge More Ahead
- This Crypto Winter Suite Could Help Investors In Bear Market
- Terra USTC Price Skyrockets By 75%; Will It Recover More?
- Breaking: No VAT On Cryptocurrency Issuers In Russia, Details
- Just In: Robinhood Lists Chainlink (LINK); Price Up By 5%
- Just In: USDC Parent Inks Major Pact With New York Bank
- Here’s Why Dogecoin (DOGE), Shiba Inu (SHIB) Prices Tumbled
- This Is Why Ethereum (ETH) Recovered Sharply From Below $1K
- Top Binance Exec To Keep Buying Bitcoin, But There’s A Catch
- Chainlink Price Analysis: Wedge Pattern could Lead LINK price below to $5
- AAVE Price Analysis: Buyers Need $76.6 Breakout to Trigger Bullish Recovery
- Apecoin Price Analysis: Rising APE Price Knockout Another Barrier; is $6 Next?
- Stacks Price Analysis: Reversal Within Wedge Pattern Eyes $0.3 Support
- Tezos Price Analysis: XTZ Rebounds from Yearly Support; is it a good buy?
- Tron Price Analysis: Triangle Pattern Governs the TRX Price Action; Should Coin Holders Worry?
- Dogecoin Price Analysis: DOGE Winning Streak Aims to Reclaim $0.077
- Apecoin Price Analysis: Reversal Pattern Sets 21% Rise in APE Price
- Ethereum Price Analysis: Will ETH Relief Rally Revert From $1300?
- Bitcoin Price Analysis- Higher Price Rejection Hints BTC to Retest $20000
