• Bitcoin trades 5.64% higher on Thursday as the crypto space catches a bid.
  • The previous wave high of 7466.00 has been broken and the price could move to higher levels.

BTC/USD 4-hour chart

Bitcoin moved higher today in a bullish move which saw BTC/USD take out the previous wave high of 7466.00. Now it seems the pair looks on its way to test the psychological 8K level. The level is planted between the 138.2% and 161.8% Fibonacci extension levels. 

Looking closer at some of the technical indicators now and the price is still trading above both the 55 and 200 moving averages. The relative strength index indicator has now moved into overbought territory. This means we could see a small retracement before the trend continues in its upward trajectory. Another positive note is the volume spike marked by the circle at the bottom of the chart. It is good to see breakouts backed by good volume as its a good confirmation signal.

Bitcoin breaks higher

Additional levels

BTC/USD

Overview
Today last price 7530.88
Today Daily Change 393.82
Today Daily Change % 5.52
Today daily open 7137.06
 
Trends
Daily SMA20 7000.17
Daily SMA50 6807
Daily SMA100 8050.61
Daily SMA200 7981.44
 
Levels
Previous Daily High 7166.59
Previous Daily Low 6826.77
Previous Weekly High 7216.69
Previous Weekly Low 6466.49
Previous Monthly High 9215.51
Previous Monthly Low 3886.49
Daily Fibonacci 38.2% 7036.78
Daily Fibonacci 61.8% 6956.58
Daily Pivot Point S1 6920.36
Daily Pivot Point S2 6703.65
Daily Pivot Point S3 6580.53
Daily Pivot Point R1 7260.18
Daily Pivot Point R2 7383.3
Daily Pivot Point R3 7600

 

 

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