Bitcoin price started a strong rally from the $6,690 swing low. BTC/USD is currently gaining momentum above $7,000 and it could test $7,280 or even $7,400.
After many failed attempts near support at $6,680, the bitcoin price started a fresh rise. BTC/USD formed a swing low at $6,690 and climbed higher above $6,750.
Looking at the 1-hour chart, the price gained pace above the $6,800 barrier and the 25 simple moving average (1-hour, orange) to move into a positive zone.
The market data is provided by TradingView, Bitfinex.
The bulls were able to lead the price above the $7,000 barrier and a bearish trend line on the same chart. It opened the doors for a push above the $7,014 swing high.
The price is now testing the 1.236 Fib extension level of the recent drop from the $7,014 high to the $6,690 low. It seems like the bulls are now in control and they are aiming for more upsides above $7,100.
Initial resistance is near the $7,207 level or the 1.618 Fib extension level of the recent drop from the $7,014 high to the $6,690 low. Any further gains could lead the bitcoin price towards the $7,280 and $7,300 levels in the near-term.
In the short-term, there might be a downside correction from $7,200. Initial support is near the $7,000 level, below which the price is likely to test the $7,920 level.
Main support is now forming near the $6,810 level and the 25 simple moving average (1-hour, orange). If Bitcoin fails to stay above the $6,810 support, it could even decline below the $6,680 support zone in coming sessions. The next key support is near $6,440.