• The channel breakout on the hourly chart signals short-term bullish setup.
• A mid-week reversal is at play after locating supports at $6900.
Following the past three days of price drops, Bitcoin recently saw a sudden price increase after pinning support at $6900 a few hours ago. As the buyers step back into the market, we should anticipate more buying to the next resistance levels; although we might see a small retracement to $7100 support before rising back.
Key resistance levels: $7400, $7550
Key support levels: $7100, $6900
Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish
A few hours ago, Bitcoin’s price increased sharply with a massive +7% gains to $7400 after a three days fall to the descending channel’s support of $6900. It appeared the downward correction has ended. Bitcoin is now showing strength as buyers step back in the market. The recent channel break is also an indicator of a bullish formation.
Meanwhile, BTC is currently looking for a retest around $7100 support. We can expect the price to bounce back to $7400 and $7550 resistance. The upswing may hold if $7300 resistance proves difficult for the buyers to surpass. However, the bullish setup is firmly supported by $6900. More so, the hourly RSI is currently positive but the MACD is still finding its way out of the negative zone.
Bitcoin (BTC) Price Analysis: 30M Chart – Bullish
After touching $7400, Bitcoin’s price drops and has continued to trade under $7300 resistance that has been posing threat to the bulls over the past days. Nonetheless, long-traders are still optimistic to more buying pressure as they might reclaim $7400 as soon as the white horizontal zone is surpassed.
The latest bullish swing is revealed on the technical RSI indicator. The positive crossover on the hourly MACD also shows that the buyers have returned in the market. If Bitcoin fails to advance higher, followed by multiple rejections around $7300 area, the price could drop to $7100 – the yellow trendline. A further drop may allow a retest at $7000. As of now, BTC is deciding on the next move.
BITCOIN BUY SIGNAL
Buy Entry: $7111
TP: $7284 / $7387
SL: $6885
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