Crypto News

Do or Die For Bitcoin Bulls: Here’s What Could Trigger A Strong Rally

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.
Bitcoin Price
It opened the doors for more upsides above the 50% Fib retracement level of the downward move from the $6,981 high to $6,459 low. Bitcoin price even climbed above the $6,800 resistance area.
The price is currently struggling near the $6,850 level. It seems like the 76.4% Fib retracement level of the downward move from the $6,981 high to $6,459 low is acting as a major hurdle for the bulls.
More importantly, yesterday’s discussed double top pattern is still active with resistance near $7,000 and support at $6,400. If there is a clear break above the $6,850 and $7,000 resistance levels, the price could start a strong rally. The next major resistance is near the $7,500 and $7,650 levels.
Bearish Scenario
If bitcoin fails to continue above the $6,850 and $7,000 resistance levels, it could start a fresh decline. The main support on the downside is near the $6,500 and $6,400 levels.
A successful break and follow through below the $6,400 support might validate the double top pattern and the price is likely to slide towards the $6,000 support.
Technical indicators:
Hourly MACD – The MACD is currently losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is correcting lower towards the 55 and 50 levels.
Major Support Levels – $6,650 followed by $6,500.
Major Resistance Levels – $6,850, $7,000 and $7,200.
Take advantage of the trading opportunities with Plus500
Risk disclaimer: 76.4% of retail CFD accounts lose money.

How useful was this post?

Click on a star to rate it!

As you found this post useful...

Follow us on social media!

Related Crypto News

An Accurate Bitcoin Analyst Expects a “Large” Correction in Altcoins
This may sound like a broken record but it’s been a strong year thus far for altcoins compared to...
The Options Market Expects Bitcoin’s Consolidation to Persist; Why They’re Wrong
Bitcoin has been caught in the throes of an unrelenting bout of consolidation throughout the past several days and...
The Options Market Expects Bitcoin’s Consolidation to Persist; Why They’re Wrong
Bitcoin has been caught in the throes of an unrelenting bout of consolidation throughout the past several days and...
Bitcoin Just Plunged Under $9,000: Here’s What Analysts Are Saying
Bitcoin has collapsed under $9,000 for the umpteenth time in the past few weeks. Minutes ago, the leading cryptocurrency...
Bitcoin Just Plunged Under $9,000: Here’s What Analysts Are Saying
Bitcoin has collapsed under $9,000 for the umpteenth time in the past few weeks. Minutes ago, the leading cryptocurrency...
Bitcoin Stagnates, Criminals Targeted, $288K Prediction: Hodler’s Digest, June 29–July 5
Bitcoin is struggling to punch through stubborn resistance at $9,300, and a Russian court has effectively ruled BTC theft...

Featured Crypto News

Bloomberg Analyst: Key Metrics Show Bitcoin Should Rocket Towards $12,000
It’s been a slow past few weeks for the Bitcoin market. The cryptocurrency has effectively been range-bound for two...
Report: $300B Worth of Food Will Be Traced Using Blockchain and IoT by 2027
A report claims that the global food industry could save over $100 billion annually by implementing blockchain and IoT...
BItcoin’s Sudden Drop to $9k Coincides With Fed’s Balance Sheet Contraction
Bitcoin plunged back towards $9,000 despite showing signs of upside correction in the early Friday session. The latest price...
Cardano (ADA) Is Forming the Signal That Preceded a 75% Crash: Analyst
Despite Bitcoin’s stagnation, Cardano (ADA) has performed extremely well over recent weeks. Data from crypto research firm Messari shows...
Three Important Reasons Why Ethereum Could Tumble Below $220
Ethereum failed to continue higher above $233 and declined sharply against the US Dollar. ETH is now trading below...
Bitcoin Dropping to $6K ‘Golden Pocket’ Isn’t Bearish, Says Trader
A classic Fibonacci retracement could land BTC/USD at $6,300 or lower and still not disturb the long-term trend. Bitcoin...