Bitcoin price popped higher and broke the $6,880 and $7,020 resistances against the US Dollar. BTC/USD is trading in a bullish zone and it could continue to move higher.
Important points
- Bitcoin surged higher during the past few sessions and settled above the $6,880 barrier.
- BTC/USD surpassed an important symmetric triangle with resistance near $6,720 on the 2-hours chart (as discussed in the previous analysis).
- BTC price is currently consolidating gains above $7,050 and is preparing for the next move.
Bitcoin price analysis
In the last bitcoin price analysis, we discussed that bulls are likely targeting $6,880 and higher against the US Dollar. BTC/USD did move higher and broke a few major resistances near $6,720, $6,880 and $7,020 to move into a bullish zone.
The 2-hours chart of BTC price suggests that there was a picture perfect break above an important symmetric triangle with resistance near $6,720. The price later retested the broken triangle at $6,700 and resumed its upside move.
The price rallied above the $6,880 barrier and even cleared a strong sell zone near $7,000-7,020. A fresh weekly high was established above the $7,130 level before the price started consolidating gains.
There was a short-term decline towards the 23.6% Fibonacci retracement level of the last upward move from the $6,715 low to $7,135 swing high. However, declines were limited as a connecting bullish trend line on the same chart acted as a support near $7,035.
Looking at the chart, it seems like there is a short-term ascending triangle pattern in place with resistance near $7,130-7,140. A successful break above this could open the doors for more gains towards the $7,220 and $7,250 resistances in the near term.
On the flip side, a downside break below $7,050 and $7,035 will most likely push the price below the $7,000 level. The next major support is near the 50% Fibonacci retracement level of the last upward move from the $6,715 low to $7,135 swing high at $6,925.
Overall, the current price action is super bullish and to extend gains bitcoin buyers need to clear the triangle resistance near $7,140.
Also, read: Bitcoin Strikes Deal with Football, eToro & Quantocoin Fostering Crypto’s Global Exposure
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Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]
