The Bitcoin Price May Reach $7000 Soon
On the 1st of April 2020, Bitcoin made some bullish signs over $6200 against the USD. Afterward, it made a downward correction from the $6600 resistance area and visited the support level at $6200. Eventually, the Bitcoin price traded as low as $6159 and then initiated a new increase.
The price gained momentum and broke above the key $6400 support area. Yesterday on the BTC/USD chart, there was a bullish trend line, with resistance near $6370. Eventually, Bitcoin rallied above the $6500 and $6600 resistance levels. The price surged by over 4%, and Bitcoin traded to a new weekly high at $6714. Current;y, Bitcoin is consolidating gains above $6600 and remains above the 100 hourly simple moving average (SMA).
More on Current Support and Resistance Levels
The downside’s look reveals initial support near the $6580 level or the 233.6% Fib retracement level of the recent surge from the $6159 low to $6714 high. Additionally, there is a short term contracting triangle forming, with resistance near $6650 on the BTC/USD hourly chart.
The current downward correction could extend if the price fails to clear the triangle resistance and $6650 or $6700. The initial significant initial support is near the $6425 level near the 50% Fib retracement level of the recent surge from the $6159 low to $6714 high. The next significant support is near the $6290 level and the 100 hourly SMA, where the bulls are likely to take settle.
A look on the upside reveals a successful break over the triangle resistance, and $6700 could lead the price to rally once more. The next significant hurdle is close to the $6800 level, and a break over this may lead the bulls to $7000 or $7200 in the short term.
by Wayne Jones
by Wayne Jones
by Wayne Jones