Bitcoin Price Nears $7,375 [Analysis]: Imminent BTC/USD Breakout Near
Bitcoin Price Analysis: BTC/USD Near Breakout
Tuesday marked another upward trend of Bitcoin in the market as the cryptocurrency went up by close to 3% since its intraday low value from the previous day.
Opening the day with a value close to $7272 against dollars, from a previous low price of $7248, BTC/USD pair maintained a stable and steady uprise at the beginning of the Tokyo trading session.
Similarly, at the threshold of the London trading session, the upturn increased, pushing the value higher to 7415 against dollars. BTC/USD sustained it trend up with the Rising Wedge resistance level.
While maintaining the upward trend in the Rising Wedge channel, a bullish pennant confirming a bull market is noticed.
On the hourly chart the pair stands above its 100H and 200H moving averages, while the Stochastic RSI indicator moved close to the oversold regions.
As things stand, a potential breakout beyond the resistance level is expected to affirm a strong move towards the next upturn target, $7460, while eyeing $7819.
After undergoing a crossover in the 4Hrs chart trend, it is evident that a potential upward breakout in the medium-term is expected.
Then, our range for the day will be defined by the $7379, resistance level and the $7153, support level. We are primarily coming up to place a long position near $7460 if the pair BTC/USD annuls the resistance level to the upside. With this, a 4 pips stop loss beneath the entry point will serve as a protector from having any bias reversals.
While in the other way round, a fall below $7153 would result to a smooth run along the succeeding downside towards 38.2% Fibonacci retracement level at $7091. But still a bounce-back situation that could mean a potential upside toward $7379, the resistance level.
Nevertheless, if the trade pair falls below the support level $7091 in a manner that the Rising Wedge support is annulled, then the eyed downside trend could be near $6800.