• Although Bitcoin is just over 1% lower on Wednesday the chart still looks bullish.
  • 7K has been rejected again but the bulls do not want to give up.

BTC/USD 1-hour chart

Bitcoin has been forming a formidable base and now is looking to test the top of the consolidation for the 3rd time. The market has been continuously making higher lows and higher highs on the hourly timeframe but each time it gets to 7K the price meets resistance. The price is also above the 55 and 200 moving averages. This is considered a bullish sign and the RSI indicator is also positive above the 50 mid-line. 

Looking closer at the chart now, the price action is very jittery at these higher levels but also the volume is pretty low. As the crypto market is so unpredictable it's hard to say if a big bout of buying volume will come in. One thing is for sure, the 7K level is strong and a break will give a boost to sentiment after the big drop over the last month or so. On the daily chart, the sentiment is still bearish and this just seems like a retracement. Watch out when taking trades to the upside as the price could snap back at any stage.

Bitcoin 7K break

Additional levels

BTC/USD

Overview
Today last price 6634.07
Today Daily Change -134.31
Today Daily Change % -1.98
Today daily open 6768.38
 
Trends
Daily SMA20 6667.1
Daily SMA50 8396.77
Daily SMA100 8222.97
Daily SMA200 8388.29
 
Levels
Previous Daily High 6861.94
Previous Daily Low 6403.85
Previous Weekly High 6951.22
Previous Weekly Low 4437.02
Previous Monthly High 10511.86
Previous Monthly Low 8431.17
Daily Fibonacci 38.2% 6686.95
Daily Fibonacci 61.8% 6578.84
Daily Pivot Point S1 6494.17
Daily Pivot Point S2 6219.97
Daily Pivot Point S3 6036.09
Daily Pivot Point R1 6952.26
Daily Pivot Point R2 7136.15
Daily Pivot Point R3 7410.35

 

 

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