- The immediate support is at $7,400 but $7,330 and $7,300 are essential zones too.
- Other cryptocurrencies have reacted with gains, for example, EOS is up over 8% on the day.
The King of the cryptocurrencies, Bitcoin is correcting higher on Thursday afternoon GMT. The crypto has gained more than $200 in less than half an hour from trading at $7,330 to $7,520. The bulls have been battling to find an entry after the declines tested the short-term support level at $7,330.
At the moment the 50 SMA on the 15’ timeframe chart is offering resistance. Further up, the 100 SMA will limit the gains at $7,600. Significantly, the other indicators are showing signs of recovery. For instance, the MACD has moved from -76 to -17 mark while the RSI on the same chart is above the 50 mark as well.
Bitcoin price must find a support above $7,500 to avoid sliding back into the $7,300 range. The immediate support is at $7,400 but $7,330 and $7,300 are very important levels in the event declines continue.
It is not clear what caused the bullish movement in the market, however, the other cryptocurrencies also corrected higher but only briefly. Ripple is up over 3% on the day, while Ethereum is correcting higher by a subtle 0.93%. Litecoin is up 2% while EOS is the biggest gainer with an increase of more than 8% on the day.
BTC/USD 15’ chart
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Vitalik Buterin slams controversial gambling project ZKasino following scam allegations
Ethereum founder Vitalik Buterin took to Warpcaster, a new type of social network, to condemn ZKasino, a decentralized gambling platform based on Layer 2 Ethereum protocol zkSync.
Starknet jumps 2% after notice inviting specific groups to claim STRK airdrop
Starknet Foundation addressed the groups within the STRK community that were unable to receive the token’s airdrop during the first round. The Layer 2 chain organized an airdrop event in February.
XRP price capped at $0.55 despite retail holdings nearing all-time highs
Ripple price (XRP) failed to break resistance at $0.55 early Wednesday as traders continue to digest Ripple’s recent response to the Securities and Exchange Commission’s (SEC) allegations of illegally selling XRP as a security.
Binance founder Changpeng Zhao could face three-year jail time
US prosecutors are requesting Binance founder and former CEO Changpeng Zhao (CZ) to serve a three-year jail time, according to a Reuters report published Wednesday.
Bitcoin: BTC post-halving rally could be partially priced in Premium
Bitcoin (BTC) price briefly slipped below the $60,000 level for the last three days, attracting buyers in this area as the fourth BTC halving is due in a few hours. Is the halving priced in for Bitcoin? Or will the pioneer crypto note more gains in the coming days?