Bitcoin price is gaining traction and it recently surged above the $6,480 resistance. BTC/USD is showing a few positive signs and it could rise sharply above $6,700 and $6,800.
In the past few sessions, the bitcoin price started a fresh wave of recovery above the $6,000 resistance area. BTC/USD broke the key $6,220 resistance area to start the current upward move.
Looking at the 1-hour chart, the price even traded above the $6,400 resistance area and settled nicely above the 25 simple moving average (1-hour, orange). A new intraday high has formed near $6,693 and the price is currently consolidating gains.
The market data is provided by TradingView, Bitfinex.
Initial support is near the $6,470 level. It’s close to the 23.6% Fib retracement level of the recent rise from the $5,748 low to the $6,693 high. Moreover, it seems like the bitcoin price is currently trading inside a short-term contracting triangle with resistance near $6,700 on the 1-hour chart.
If there’s a downside break below the triangle support, the price could continue to move down towards the $6,400 and $6,340 support levels.
The next key support is near the $6,300 level and the 25 simple moving average (1-hour, orange). The 50% Fib retracement level of the recent rise from the $5,748 low to the $6,693 high is also near the $6,220 level to provide support.
Any further losses may perhaps start a strong decrease towards $6,000 in the coming sessions. Conversely, Bitcoin might rise further above the $6,690 and $6,700 levels. The next hurdle is near the $6,800 level, above which the price is likely to rally towards the $7,000 resistance level.