Bitcoin Price Analysis: BTC is still in an upward trajectory and 7K is the next target for the bulls
- Bitcoin is trading nearly 8% higher on Monday as crypto sentiment remains positive.
- The main resistance is now 7K and short term the price has moved lower.
BTC/USD 1-hour chart
The price of BTC/USD has pushed higher on the first trading day of the week as sentiment improves. There is a large consolidation area at the moment and every time the price breaks out it moves back in pretty swiftly. The triangle pattern has now been broken to the upside and sometimes the pattern is tested before the continuation takes place. The blue horizontal like could be the next support if the price breaks lower.
On the topside, the main level is 7K, if the bulls gain control of the market that will be the biggest hurdle and a break would make a higher high higher low pattern. The price is also above the 55 and 200 moving averages which is also bullish but the key level will still be 7K.
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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.
