Bitcoin May Attain Larger Rally over $7,500
The price moved under the support at $6,600 and $6,500. Nevertheless, the decline under $6,500 was not huge. There was the formation of a fresh low in the month close to $6,435 prior to a powerful reversal. A sharp rally occurred, and the price moved over several hurdles close to $6,800 and $7,000.
Further, a look at the hourly chart of BTC against the USD revealed a break of the major selling trend line with hurdle close to $6,700. The price was able to settle over $7,000 and the 100 hourly SMA.
The price eventually surged over the hurdles at $7,200 and $7,300. It moved close to the $7,500, and there was the formation of a fresh intraday high close to $7,487. Currently, the price is into the correction of gains under $7,300.
A look at the downside shows several supports close to $7,150, $7,100, and $7,000. The major support is close to $6,950 and the 100 hourly SMA.
Hence, there remains good support for the dips on the downside close to $7,000 and $6,950. A look at the upside shows major resistances close to $7,400 and $7,500. The ability of the price to attain a daily close over $7,500 would establish a huge rally towards $8,000 and $8,200.
Featured image courtesy of Shuterstock. Source: CryptoPress.