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.

Bitcoin Consolidation area

Additional levels

BTC/USD

Overview
Today last price 6314.92
Today Daily Change 494.92
Today Daily Change % 8.50
Today daily open 5820
 
Trends
Daily SMA20 6879.63
Daily SMA50 8503.39
Daily SMA100 8232.1
Daily SMA200 8427.04
 
Levels
Previous Daily High 6416.83
Previous Daily Low 5741.99
Previous Weekly High 6951.22
Previous Weekly Low 4437.02
Previous Monthly High 10511.86
Previous Monthly Low 8431.17
Daily Fibonacci 38.2% 5999.78
Daily Fibonacci 61.8% 6159.04
Daily Pivot Point S1 5569.05
Daily Pivot Point S2 5318.11
Daily Pivot Point S3 4894.22
Daily Pivot Point R1 6243.89
Daily Pivot Point R2 6667.78
Daily Pivot Point R3 6918.73

 

 

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