Following the recent positive move, Bitcoin has seen a quick gain of 1.77% in less than eight hours, making BTC trade at $7300 at the moment. Earlier today, the market was under a lot of bearish pressure but considering the latest buying that led to a channel breakout on the 15-minutes time frame; Bitcoin may face the $7400 resistance once more before advancing higher. If this resistance remains difficult for the bulls to surpass, the price would continue to face rejection until a strong bullish setup is formed.
Bitcoin (BTC) Price Analysis: Hourly Chart – Neutral
Key resistance levels: $7400, $7600, $7800
Key support levels: $7200, $7000, $6800
Bitcoin is almost completing an inverse head-and-shoulder pattern on the hourly chart. This pattern is a bullish formation that could play out any time from now. This time, the $7400 resistance that has been holding Bitcoin for about two days could become support. However, a breakout could propel BTC price to $7600 and $7800 within a blink of an eye.
After recovering sharply from a new daily low of $6880, Bitcoin has now moved immediate support to $7200, followed by $7000. Due to the latest price increase, Bitcoin is now trading above the RSI bullish zone after sitting mounting support on the 30 level. Though, the MACD is yet to make a clear bullish signal. A climb back above the immediate resistance should confirm a short-term bullish run for Bitcoin. However, BTC is indecisive amidst a bearish trend.
Bitcoin (BTC) Price Analysis: 15M Chart – Bullish
Looking at the bigger picture, Bitcoin’s trading has moved out of the descending channel forming on the 15-minutes time frame since yesterday, following a sudden price increase during the London session today. A close look at the price chart suggests a bullish formation for Bitcoin. Touching $7409 on the day, the next buying target lies at $7500 and $7600 resistance.
Meanwhile, the recent surge has led Bitcoin to the overbought zone on the RSI indicator, now attempting to fall back. Gauging the MACD, Bitcoin has entered a positive zone but poised for a minor downward correction which could cause the price to pull back to $7200 before rising back. Testing $7100 and $7000 support could allow BTC trade back inside the channel pattern. As of now, a bullish setup is forming for Bitcoin on the short-term perspective.
BITCOIN SELL SIGNAL
Sell Entry: $7300
TP: $7177
SL: 7421
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