Bitcoin price analysis: Bottomed out for now but has enough roadblocks on its way up

BTC bottomed out on the medium term charts.
Resistances galore in the immediate term.

Manoj B Rawal Independent Analyst

Bitcoin, the biggest and oldest cryptocurrency, has bottomed out on the medium term charts but still has many roadblocks in the form of resistances to cross and sustain if it has to regain its lost, shining glory.

BTC/USD is trading flat on day at $7,405 and in a less than 2 percent range for the day. On the 720-minute chart, BTC faces resistance in the form of descending trendline just above the current market price, that is at $7,769 and before that at $7,612 in the form of 100 days simple moving average, which the largest crypto has not been able to cross and sustain since May.

For the long term trend to turn positive, BTC must cross and sustain above $9,950-$10,000, till then it would keep consolidating around current prices.

BTC/USD 720-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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