- Bitcoin price rocketed higher and broke the $7000 handle against the US Dollar.
- Yesterday’s highlighted bullish trend line with current support at $6930 is intact on the hourly chart of the BTC/USD pair (data feed from SimpleFX).
- The pair might continue to move higher as long as it is above $6900.
Bitcoin price surged higher above $7000 against the US Dollar. BTC/USD is holding an important support above $6900 and eyes more gains.
Bitcoin Price Support
Yesterday, we saw discussed the chances of a spike above the $7000 level in bitcoin price against the US Dollar. The price rocketed higher and easily broke the $7000 handle to form yet another all-time higher. It even broke the $7200 and $7300 levels and posted a high at $7333. Later, a correction wave was initiated and the price moved below the $7200 level. Sellers succeeded in breaking the 38.3% Fib retracement level of the last move up from the $6280 low to $6333 high.
However, the downside move was limited by the $6800 support. The best part was the fact that yesterday’s highlighted bullish trend line with current support at $6930 protected losses on the hourly chart of the BTC/USD pair. Moreover, the 50% Fib retracement level of the last move up from the $6280 low to $6333 high stopped the downside move.
The pair is once again moving higher and is currently trading above $7000. It should hold the trend line support and remain above $6900 for further gains in the near term. On the upside, an initial resistance is at $7100 followed by the recent all-time high at $7333. Overall, BTC remains buy on dips in the short term above $6900.
Looking at the technical indicators:
Hourly MACD – The MACD has slightly reduced its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI is currently just above the 50 level.
Major Support Level – $6900
Major Resistance Level – $7100
Charts courtesy – SimpleFX
Disclaimer: The information contained herein is not guaranteed, does not purport to be comprehensive and is strictly for information purposes only. It should not be regarded as investment/trading advice. All the information is believed to come from reliable sources. NewsBTC does not warrant the accuracy, correctness, or completeness of information in its analysis and therefore will not be liable for any loss incurred.
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