Reason to trust
How Our News is Made
Strict editorial policy that focuses on accuracy, relevance, and impartiality
Ad discliamer
Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.
Bitcoin is up more than 2% and it is gaining bullish momentum against the US Dollar. BTC price is likely to surge 4%-5% if it clears the main $7,000 resistance area.
- Bitcoin is showing a lot of positive signs above the $6,700 support against the US Dollar.
- The price is approaching the main $7,000 resistance and breakout zone.
- There was a break above a major bearish trend line with resistance near $6,800 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could rally significantly if there is a clear break above the $7,000 resistance area.
Bitcoin Turns Green
In the past days, bitcoin remained well bid above the $6,660 and $6,700 support levels against the US Dollar. BTC bears made many attempts to push the price below the $6,666 support, but they failed.
The recent low was formed near $6,650 before the price started a fresh increase. There was a break above the $6,765 resistance level and the 100 hourly simple moving average.
More importantly, there was a break above a major bearish trend line with resistance near $6,800 on the hourly chart of the BTC/USD pair. Bitcoin price is now trading comfortably above the $6,800 and $6,850 levels.
It is currently testing the 50% Fib retracement level of the key decline from the $7,263 high to $6,612 swing low. The main resistance on the upside is near the $7,000 level, which acted as a key hurdle for the bulls on a few occasions.
The 61.8% Fib retracement level of the key decline from the $7,263 high to $6,612 swing low is also near the $7,015 level to act as a resistance. Therefore, a successful break above the $7,000 and $7,015 levels is likely to start a strong rally in the coming sessions.
The next major resistance is near the $7,200 level, above which the bulls are likely to aim a test of the $7,500 level.
Another Rejection?
If bitcoin fails again to clear the $7,000 resistance, it could decrease the chances of a strong rally. An initial support is near the $6,800 level, below which the price might decline towards $6,765.
The main support is still near the $6,660 level, below which the bulls are likely to lose control and the price could dive towards the $6,200 and $6,000 levels.
Technical indicators:
Hourly MACD – The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well above the 60 level.
Major Support Levels – $6,800 followed by $6,600.
Major Resistance Levels – $7,000, $7,200 and $7,500.
