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

 

 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin ready for bullish continuation as crypto bull cycle pauses

The cryptocurrency market has taken a hiatus after a gruesome week of overbearing declines. Bitcoin failed to break the resistance at $52,000 but headed south, resting the support at $45,000.

More Bitcoin News

XLM on the brink of a 45% collapse, shows technicals

Stellar price already had a significant 50% sell-off from its top of $0.60 but the bears could be eying up even more. There is a lot of downside potential for XLM as several indicators show it could be poised for another leg up.

More Stellar Lumens News

LTC whales go into a buying spree, eying up $260

Litecoin price remains bounded inside an ascending parallel channel on the 12-hour chart after a significant sell-off from $247 down to $157. It seems that LTC whales have taken advantage of the recent dip to buy even more.

More Litecoin News

DEXTF Protocol launches incentivization program on SushiSwap offering 376% APY

DeFi users will be able to generate massive returns as the SushiSwap Onsen protocol is about to offer a new incentivization program developed by DEXTF Protocol. 

More Sushi News

BEST CRYPTO BROKERS/EXCHANGES




Bitcoin Weekly Forecast: BTC journey to $100,000 might be easier than expected

This past week has been extremely beneficial for Bitcoin which jumped by 30% since Monday 8. Several positive announcements, especially Tesla purchasing $1.5 billion worth of the digital asset propelled the flagship cryptocurrency to new highs.

Read the weekly forecast

BTC

ETH

XRP