• The next price target for Bitcoin is $8000 if the $7000 level can act as support
• Bitcoin hits $7200 following a 14% increase in a day.
Following yesterday’s rejection at $6635, Bitcoin saw about 5% drops but later found a rebound level at $6170, which is now acting as support for the ongoing increase. Bitcoin is currently trading around $7200 following current breakout. In case Bitcoin fails to hold gain, the price is likely to roll back to $6900
Key resistance levels: $7200, $7600, $8000
Key support levels: $6900, $6600, $6170
Bitcoin (BTC) Price Analysis: Daily Chart – Bullish
Bitcoin broke above $7000 after witnessing series of rejection around $6900 resistance. Taking a look at the chart, Bitcoin appeared to be starting a fresh increase. In the next few days, the price could hit $8000 level if price remains above the $6900 level. Before then, Bitcoin could encounter resistance at $7600.
In case of a retracement, the support to look out for is $6900. If Bitcoin drops lower, the closest support to watch is $6600 and $6170 support, where the price bounced back yesterday. So far, Bitcoin has shown strength over the past hours. We should expect a more positive movement in the next few days.
Bitcoin (BTC) Price Analysis: 4H Chart – Bullish
Since the mid-March crash to $4000 on Bitfinex, Bitcoin has seen a lot of recovery, leaving many supports at $4400, $5880 and $6170 yesterday’s low, circled white on the 4-hours chart. Technically, these bullish footprints show that Bitcoin is stylishly reversing the trend.
Meanwhile, the $6900 resistance, which is a major concern for the bulls for the past three weeks just got broken a few minutes ago. If Bitcoin can close well above this resistance today, the next bullish target would be $7200 resistance, followed by $7600 and perhaps $8000 before the end of the week.
BITCOIN BUY ORDER
Buy: $7011
TP: $7200
SL: $6866
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