Bitcoin is slowly rising and trading above the $6,750 level against the US Dollar. BTC price must claim the $7,000 resistance to start a strong rally in the near term.
- Bitcoin is trading in a crucial range below the $7,000 resistance area against the US Dollar.
- Yesterday’s discussed double top pattern is still active with resistance near $7,000 and support at $6,400.
- There was a break above a short term contracting triangle with resistance near $6,680 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair soon start a strong rally above $7,000 or it might dive towards the $6,000 level.
Bitcoin Approaching Next Key Break
After forming a support base near $6,500, bitcoin started a steady increase against the US Dollar. BTC price remained well bid and climbed above the $6,650 resistance area plus the 100 hourly simple moving average.
The bulls remained in action and protected a strong bearish reaction below the $6,500 support area. Recently, there was a break above a short term contracting triangle with resistance near $6,680 on the hourly chart of the BTC/USD pair.
It opened the doors for more upsides above the 50% Fib retracement level of the downward…
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Author: Aayush Jindal