Bitcoin price prediction: BTC/USD consolidates its position above the $7,500-level
|- Strong resistance lies at $7,710, which the bulls will need to overcome.
- On the downside, there are three healthy support levels at $7,545, $7,500 and $7,360.
BTC/USD is on the verge of charting a third consecutive bullish day. This Friday, the price of Bitcoin went up from $7,395 to $7,543.25, breaking above the $7,500-level in the process. So far, the price has gone up further to $7,564.15. The bulls will need to overcome resistance at $7,710 to continue the upward momentum. On the downside, there are three healthy support levels at $7,545, $7,500 and $7,360.
BTC/USD daily confluence detector
$7,710 resistance level has the one-month Fibonacci 38.2% retracement level.
Looking at the support levels, $7,545 has the five-day Simple Moving Average (SMA 5) and 15-min Bollinger Band middle curve. $7,500 has the SMA 10 and one-day Fibonacci 38.2% retracement level, while $7,360 has the SMA 5 and one-week Fibonacci 38.2% retracement level.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.