Bitcoin (BTC) Attempts Upward Move, Battles $7,200 Resistance

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Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bullish
Yesterday, Bitcoin rebounded at a low of $7,097 and reach the resistance at $7,200. Earlier on the bulls have taken price above the $7,000 resistance and sustained hold above it.

It is unclear if BTC will survive the current move. In recent times, the crypto has suffered many rejections at the $7,200 resistance. Possibly, the market will move up to $7,400 assuming the current resistance is breached. It is likely a new uptrend will resume, if the $7,400 resistance is broken. On the other hand, Bitcoin will decline, when price fails to continue above these levels.

Daily Chart Indicators Reading:
Recently, BTC is making an impressive move as it breaks the $7,000 resistance and sustains above it. The Relative strength index is at level 56 indicating that the coin is in an uptrend zone. It is also above the centerline 50.

BTC/USD Medium-term Trend: Bullish
On the 4– hour chart, the bulls broke the $7,000 resistance and rebounded above it. The price is consolidating above the $7,200 resistance as bulls find it difficulty to push above the resistance.

4-hour Chart Indicators Reading
Bitcoin has been above 80% range of the daily stochastic since April 16. In other words, the overbought condition has been lingering since 16. Sellers are yet to emerge to pushes prices down. At the moment, stochastic bands are sloping horizontally above 80% range indicating that the market is consolidating.

General Outlook for Bitcoin (BTC)
Bitcoin has risen to a high of $7,200 but it is consolidating above it. The price is likely to fall as the market reaches the overbought region. The crypto will embark on a fresh downward move if resisted at $7,200 level.

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