Bitcoin Price (BTC) Remains Super Bullish Above $7,420

Bitcoin price is trading with a positive bias above the $7,380 and $7,420 support levels. BTC to USD is likely to climb above the $7,640 and $7,780 resistance levels.

Key Takeaways: BTC/USD

  • Bitcoin price is showing a lot of positive signs above the $7,420 and $7,380 supports against the US Dollar.
  • BTC/USD is trading above $7,440 and a bullish trend line on the 2-hours chart (data feed from Bitstamp).
  • Ethereum is gaining momentum, but it is still struggling to break the $151.80 resistance level.

Bitcoin Price Analysis

After a sharp decline, bitcoin price started a slow and steady rise above the $7,300 level. BTC to USD even broke a couple of important resistance levels near the $7,380 level to move into a positive zone.

Bitcoin Price

Looking at the 2-hours chart, bitcoin even settled above the $7,420 level and the 50 simple moving average (2-hours, purple). Finally, the price climbed above the $7,600 level, but it struggled to clear the $7,640 resistance area.

A swing high was formed near $7,642 before the price started a downside correction. There was a break below the 23.6% Fib retracement level of the upward move from $7,105 to $7,642.

However, the $7,420 support area and the 50 simple moving average (2-hours, purple) seem to holding the ground. Moreover, bitcoin price is trading above $7,440 and a bullish trend line on the 2-hours chart.

If there is a downside break below the trend line and $7,420, the price could start an extended downside correction. The next support is near the $7,380 level.

Besides, the 50% Fib retracement level of the upward move from $7,105 to $7,642. Any additional losses may perhaps push the price below the $7,300 support area in the near term.

On the other hand, the price might continue to rise above the $7,500 and $7,540 levels. The first key resistance is near the $7,640 level, above which there are high chances of a decent increase in the coming sessions.

In the mentioned case, bitcoin price could even rise towards the $7,780 resistance area. Overall, there could be more gains above $7,640 in the near term.

Live Bitcoin (BTC) Price:

1 BTC/USD =$11,264.5639 change ~ 0.62%

Coin Market Cap

$207.84 Billion

24 Hour Volume

$5.98 Billion

24 Hour VWAP

$11.31 K

24 Hour Change

$69.5684

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Avatar
Aayush J
Aayush is a Senior Cryptocurrency Strategist and Forex Expert who has a decorated history of over a decade in FinTech Markets and IT industries. As a financial markets contributor and observer, his primary focus is on specializing and sharpening his skillset inside the Technical Analysis arena and is well known for his informative and entertaining analytical skills inside the Bitcoin, Etheruem and crypto asset markets.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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