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.

Bitcoin Price Analysis

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.

Live Bitcoin (BTC) Price:

1 BTC/USD =$48,780.8843 change ~ 0.40%

Coin Market Cap

$909.55 Billion

24 Hour Volume

$18.46 Billion

24 Hour VWAP

$47.74 K

24 Hour Change

$193.75

Get Daily Headlines

Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

What to Know More?

Join Our Telegram Group to Receive Live Updates on The Latest Blockchain & Crypto News From Your Favorite Projects

Join Our Telegram

Stay Up to Date!

Join us on Twitter to Get The Latest Trading Signals, Blockchain News, and Daily Communication with Crypto Users!

Join Our Twitter

Add comment

E-mail is already registered on the site. Please use the Login form or enter another.

You entered an incorrect username or password

Sorry, you must be logged in to post a comment.
Bitcoin Exchange Guide