Bitcoin Price (BTC) Targets Further Increase Above $7,600
Bitcoin price is currently correcting gains from the $7,682 swing high. BTC to USD remains supported on the downside near the $7,345 and $7,270 levels.
Key Takeaways: BTC/USD
- Bitcoin price is trading in a positive zone above the $7,345 pivot area against the US Dollar.
- BTC/USD is following a bullish flag pattern with resistance near $7,500 on the 2-hours chart (data feed from Bitstamp).
- Ethereum is also correcting lower towards $150.00 and ripple is comfortably placed above $0.2210.
Bitcoin Price Analysis
In the past few sessions, there were steady recovery in bitcoin price above the $7,100 and $7,240 resistance levels. BTC to USD even managed to surpass the main $7,345 pivot area to move into a positive zone.
Looking at the 2-hours chart, bitcoin settled above the $7,345 level and the 50 simple moving average (2-hours, purple). Finally, the price climbed above the $7,500 resistance and traded to a new weekly high at $7,682.
Later, there was a downside correction below the $7,600 level. The price is now trading below the 23.6% Fib retracement level of the recent wave from $6,854 to $7,682.
At the moment, bitcoin price seems to be following a bullish flag pattern with resistance near $7,500 on the 2-hours chart. If there is an upside break, the price could revisit the $7,600 and $7,680 resistance levels.
Any further gains could push the price above the $7,700 and $7,840 resistance levels in the near term. Conversely, the price could continue to trim gains below $7,400. An immediate support is near the $7,345 level (the recent breakout resistance).
The next key support is near the $7,270 level. It coincides with the 50% Fib retracement level of the recent wave from $6,854 to $7,682. If there are more downsides, the price could test the $7,170 support and the 50 simple moving average (2-hours, purple).
If there is a downside break below the $7,170 support and the 50 simple moving average (2-hours, purple), the price could move back into a downtrend.
Overall, bitcoin is likely to climb back towards $7,600 and $7,680 as long as it is trading above $7,345 and $7,270. The last line of defense for the bulls is near the $7,170 level.