Bitcoin Price Analysis: BTC/USD Bulls Target $6,880 and Higher
Bitcoin price is positioned with a bullish angle above $6,560 against the US Dollar. BTC/USD bulls are likely to take control and push the price towards $6,880 and $6,950.
Important points
- Bitcoin is forming a bullish breakout pattern with a major support near $6.560.
- BTC/USD is trading inside a crucial symmetric triangle with resistance near $6,730 on the 2-hours chart.
- BTC price is likely to break the $6,730 and $6,788 resistance levels for more gains.
Bitcoin price analysis
There was a slow and steady rise in bitcoin price from the $6,566 swing low against the US Dollar. BTC/USD traded above the $6,700 level and is currently forming a bullish breakout pattern.
The 2-hours chart of BTC price indicates that the price dipped below the $6,700 level once after forming a high at $6,788. There was a break below the 23.6% Fibonacci retracement level of the last wave from the $6,249 low to $6,788 high.
The price even dipped below the $6,620 support area, but declines were protected by the $6,560 support area. Moreover, the 38.2% Fibonacci retracement level of the last wave from the $6,249 low to $6,788 high also acted as a support.
At the outset, the price is trading well above the $6,620 support area and the 100 simple moving average (2-hours). More importantly, BTC/USD is trading inside a crucial symmetric triangle with resistance near $6,730.
The symmetric triangle pattern is about to complete with the final D wave, but there could be a minor dip towards the $6,660 level before the price attempts an upside break.
Should there be a break above the triangle and $6,730 with a 2-hour close, the price may possibly break the $6,788 high and continue higher. In the mentioned scenario, the price is likely to test the $6,875 and $6,920 resistance levels.
On the contrary, if bitcoin bulls fail to take the advantage of the symmetric triangle pattern, there could be a test of the $6,620 and $6,560 support levels. Below these supports, the price is likely to move into a bearish zone towards the $6,300 level in the short term.
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