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.
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.
 (9)-637231796295088192.png)
Additional levels
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.
