Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish
Key resistance levels: $7300, $7400, $7500
Key support levels: $7200, $7156, $7100
Bitcoin is now gearing for an upward movement after creating new support at $7100 over the last three days of trading, though the $7000 support has remained the last defence line for the bulls. This support may be at threat if the bears show strong interest in the market. But looking at the current market structure, Bitcoin is forming another bullish setup.
The bullish formation would become valid if the price can surpass key resistance of $7300. This would allow further buying to $7500 in no time. Though, the RSI is slightly above 50 levels to indicates buyers are turning active in the market. The MACD band is slowly rising but yet to cross to the positive zone. We can expect a massive increase as soon as crossover occurs.
Bitcoin (BTC) Price Analysis: 15M Chart – Bearish
While attempting to breakout, Bitcoin has been facing multiple rejections at $7275 –$7300 resistance zones at which the yellow horizontal zone aligns. This yellow horizontal zone has halted a lot of bullish actions since yesterday, though there’s a high probability for a breakout soon. A successful breach would allow buyers to reclaim $7400 and $7500 resistance.
As we can see, Bitcoin is footing another bullish near this zone. If the price faces rejection again, the market could roll back to $7200 and perhaps $7156 support. Though, the $7100 is still supporting the short-term bullish trajectory. The technical indicators are now trending in the positive zones, suggesting a potential price increase. A climb above the $7300 should confirm a buy for Bitcoin.
BITCOIN BUY SIGNAL
Buy Entry: $7300
TP: $7477
SL: $7191
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