Bitcoin Technical Analysis: BTC/USD bulls are not far away from re-testing $8000, given the gradual breakdown of touted sell zone
|- Bitcoin was seen holding modest gains of 0.75% through the mid-point of the session, with bulls looking set to build on momentum.
- BTC/USD recent price action is pointing to a potential rally to the upside, should barrier ahead be cleared.
- Bulls are looking at gunning past the resistance zone seen between $7700-7800, to push forward back up to $8000 territory.
- David Siegel, co-chairman of Two Sigma, a hedge fund with $52 billion under management said: “I guess I’m a little sceptical that cryptocurrencies are going to hold value the way people expect that they will.” Adding: I think the blockchain is a really fantastic technology…the blockchain is really going to have genuine applications.”
BTC/USD 60-minute chart
Spot rate: 7712.20
Relative change: +0.75%
High: 7756.30
Low: 7653.90
Trend: Neutral/Bullish
Resistance 1: 7737.00, (resistance on 60-minute chart)
Resistance 2: 7770.00, 3rd June high.
Resistance 3: 7700-800, supply zone.
Support 1: 7630.00. 50MA.
Support 2: 7605.50, 100MA.
Support 3: 7491.40, 6th June low.
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