Bitcoin price is climbing with a bullish angle above $7,000 against the US Dollar. BTC is likely to accelerate higher if it clears the $7,260 resistance.<\/p>\n
Recently, there was a downside extension in bitcoin below the $7,100 and $7,000 support levels against the US Dollar. BTC price spiked towards the $6,880 support and traded to a new 2020 low at $6,863.<\/p>\n
However, the bulls took a stand, resulting in a sharp upward move above the $7,000 resistance. Besides, there was a break above the $7,080 resistance area. More importantly, there was a break above a key bearish trend line with resistance near $7,120 on the hourly chart of the BTC\/USD pair.<\/p>\n
The pair spiked above the 50% Fib retracement level of the downward move from the $7,530 high to $6,863 low. Though, the upward move was capped by the $7,260 resistance area.<\/p>\n
Additionally, the price is facing hurdles near the 61.8% Fib retracement level of the downward move from the $7,530 high to $6,863 low. Bitcoin is currently correcting lower below $7,200.<\/p>\n
On the downside, an initial support is near the $7,120 level and the broken trend line. The next major support is near the $7,080 level, below which the price is likely to resume its downtrend.<\/p>\n
Conversely, the price might continue to rise above the $7,260 resistance. The next major resistance is near the $7,400 level. An intermediate resistance is the 76.4% Fib retracement level of the downward move from the $7,530 high to $6,863 low.<\/p>\n
If the price continues to rise above $7,380 and $7,400, the next stop for the bulls may perhaps be $7,460 and $7,500. Any further gains could lead the price towards the $7,500 resistance area in the coming sessions.<\/p>\n
Bitcoin Price<\/p>\n
Looking at the chart, bitcoin price is reversing losses above $7,100 and the 100 hourly SMA. If there is another surge above $7,260, it will most likely confirm a trend change and a fresh increase towards $7,500.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD The MACD is currently gaining strength in the bullish zone.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BTC\/USD is now well above the 50 level.<\/p>\n
Major Support Levels $7,120 followed by $7,080.<\/p>\n
Major Resistance Levels $7,260, $7,380 and $7,460.<\/p>\n
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See the original post here:<\/p>\n
Bitcoin Just Reversed And Its Likely Heading $7,400 - newsBTC<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" Bitcoin price is climbing with a bullish angle above $7,000 against the US Dollar. BTC is likely to accelerate higher if it clears the $7,260 resistance. Recently, there was a downside extension in bitcoin below the $7,100 and $7,000 support levels against the US Dollar. Continue reading