Bitcoin price is climbing with a bullish angle at $7,300 and is likely to accelerate higher towards $7,500 if it clears the $7,300 resistance.
Bitcoin Price Medium-term Analysis
Recently, there was a downside extension in the price of Bitcoin (BTC) below the $7,100 and $7,000 support levels. BTC price declined towards the $6,800 support before the bulls regained control of the market.
This resulted in a sharp upward move above the $7,000 resistance. Besides, there was a break above the $7,100 and $7200 resistance area. At the time of writing, Bitcoin price is trading at $7,300 level.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $7,400 and $7,500 level. The market needs to climb above the $7,500 resistance level to start a decent recovery. On the downside, if the bearish pressure persists, the price may perhaps decline towards $7,000.
BTCUSD Price Short-term Analysis
On the 1-hour chart, the price of BTCUSD is in a bullish trend above $7,200 and the 100 hourly Simple Moving Average (SMA). If there is another surge above $7,300, it will most likely confirm a trend change and a fresh increase towards $7,400.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $7,400, $7,500, $7,600
- Support levels: $7,000, $6,900, $6,800
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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This article was first published on: Latest Crypto News