Bitcoin records a new weekly high at $7600 following the recent price increase that allowed the buyers to overcome the $7400 resistance-turned-support. BTC is currently correcting a gain of 5.12% after witnessing significant volatility and volume under 24-hours. There’s a more positive move for Bitcoin if the buyers can remain active in the market. However, the price could fall to $7200 before refuelling for the next bullish rally.
Bitcoin (BTC) Price Analysis: Daily Chart – Bullish
Key resistance levels: $7800, $8000
Key support levels: $7400, $7200
After establishing support at $6600 n November 25, Bitcoin is now bouncing back slowly on the intraday trading. The bullish impulsive move is fueled on a low volume, though a gradual rise should be expected to $9000 in the next few days. Meanwhile, the RSI indicator has now left the oversold region. The bullish move might get strong if Bitcoin climbs above the RSI 50 level.
Currently, BTC next bullish target is $7800, although $8000 may follow in future trading. At the same time, we may see a downward correction to near support at $7400 and $7200. On the daily MACD, the BTC market is still in a bearish zone. A positive crossover would give a boost to the buying pressure in the market.
Bitcoin (BTC) Price Analysis: 30M Chart – Bullish
The latest positive has made Bitcoin touch the upper boundary of the channel that is forming on the 30-minutes time frame. As we can see, it appeared that Bitcoin may be retracing to the channel’s lower boundary soon. With that, the market is likely to fall to $7400, $7300 and $7200 support before resuming bullish trajectory. However, if the market moves the other way round, a bullish continuation is mostly likely to occur.
The next level of resistance to look out for is $7700, $7800 and $7900. More importantly, if Bitcoin can find support on the MACD zero level, the bullish play would be guaranteed. Above all, Bitcoin is now sitting on the RSI mid-band, facing upward direction. It may play out if the RSI level can hold
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Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.