Bitcoin price analysis: BTC/USD manages to stay above the trendline, resistances are still afar

Bitcoin respects the support and moves up.
Not enough immediate resistance for now.

Manoj B Rawal Independent Analyst

The king of cryptocurrencies has been consolidating in a narrow range for $7,000 - $8,000 for quite some time and now seems to be gathering steam to move up, inch by inch by taking multiple supports from lower levels.

BTC/USD is up about half a percent at $7,650, not far from day's high of $7,678. On the 120-minute chart, BTC has been taking support in the form of ascending trendline that has been respected quite a few times in the recent past.

On the daily chart, 21 days simple moving average too is just below where the current price is, which is $7,625, another short term support for bulls to cling on to. Short term resistance are, though minor ones, placed around $7,700 and $7,775.

BTC/USD 120-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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