BTC/USD: Bitcoin consolidates for seven days; it's about time to get cracking
|BTC/USD: Bitcoin consolidates for seven days; it's about time to get cracking
What is going on with BTC/USD?
BTC/USD: Bitcoin managed to get back and hold above 6377.70 as indicated in my previous update seven days ago. The pair has been consolidating between its break out point to the upside at 6474.75 and 6377.70 support for the past seven days and would continue until it makes its next move.
Our forecast
BTC/USD: Bitcoin currently trades at 6408.80 around the bottom of the consolidation channel and could head back up to 6474.75 if it holds at 6377.70 support. Bitcoin prices could fall to 6341.80 and 6275.30 if it fails at 6377.70
Support - 6377.70, 6341.80, 6275.30, and 6235.00
Resistance/ Target - 6474.75, 6555.70, 6627.95, and 6760.95
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Chart 1: The short-term view of the BTC/USD price action in the 60 minutes price chart highlights the direction of the trend and the support and resistance price points
Chart 2: The short-term view of the BTC/USD price action in the four hours price chart highlights the direction of the trend and the support and resistance price points
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