Bitcoin Price Analysis: BTC holds above 7K but will it test the highs?

Bitcoin holds above 7K and trades over 3.5% higher on Wednesday.
The high is at 7466.00 and the bulls need to gather more momentum to test the recent highs.

Rajan Dhall, MSTA FX Daily

BTC/USD 4-hour chart

Bitcoin has moved higher on Wednesday but it doesn't seem to have a massive amount of momentum. The price has also just recently taken out the 55 exponential moving average and is already trading above the 200 simple moving average.

The price action is looking positive as you can see from the chart below but the high of 7466.00 will need to be taken out for the bulls to remain in charge. If that doesn't happen then the price could look for support levels lower down. Next up is the black line at 6818.58, that level looks strong as it has been tested a few times in the past on this chart alone. Beyond that, the 200 SMA and orange horizontal line lie in wait.

Additional levels

BTC/USD

Overview
Today last price	7106.18
Today Daily Change	252.08
Today Daily Change %	3.68
Today daily open	6854.1

Trends
Daily SMA20	6983.49
Daily SMA50	6839.38
Daily SMA100	8060.28
Daily SMA200	7987.66

Levels
Previous Daily High	6952.61
Previous Daily Low	6775.53
Previous Weekly High	7216.69
Previous Weekly Low	6466.49
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	6884.96
Daily Fibonacci 61.8%	6843.17
Daily Pivot Point S1	6768.89
Daily Pivot Point S2	6683.67
Daily Pivot Point S3	6591.81
Daily Pivot Point R1	6945.96
Daily Pivot Point R2	7037.82
Daily Pivot Point R3	7123.04

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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