The Bitcoin price is pushing $ 7,750

Today, the price of Bitcoin (BTC) briefly exceeded $ 7,700, suggesting the weekend memory, along with the weekly closing price, which offers a higher level of excitement than normal. The move to $ 7,708 was short-lived, but settled almost above Thursday’s impressive rise to $ 7,742. At the time of writing, the Bitcoin price is trading sideways between $ 7,500 and $ 7,569 as traders attempt to push the price above $ 7,600.

Altcoins also rose as Bitcoin’s price rose to $ 7,700 today, but large traders such as Ether (ETH), Chainlink (LINK), and Tezos (XTZ) are currently relying on Bitcoin’s price action to continue pricing bullish trends.

    Daily performance of the cryptocurrency market

The Bitcoin price is pushing $ 7,750
The Bitcoin price is pushing $ 7,750

Daily performance of the cryptocurrency market. Source: Coin360

As shown on the 4-hour chart, the price of Bitcoin is below $ 7,600, and this level also matches the candle in the March 12 decline that triggered the sharp drop to $ 3,765. Above that, we can also see the top price of the Bitcoin terminal formed at $ 7,980 on March 11th and 12th.

As explained in the previous analysis, this is only a stone’s throw from the 61.8% Fibonacci retracement, and today and on April 23, the price is struggling to exceed this level of resistance.

4 hour BTC / USDT pair table

4 hour BTC / USDT pair table. Source: TradingView

As the price consolidates in the current range, it is important that Bitcoin remains above USD 7,475 (bottom red line) or that the price falls slightly to retest the underlying support levels.

The MACD fell below the signal line in the 4-hour period and the MACD histogram became negative. The RSI has also fallen from the bullish area and the current one is at 62.5.

4 hour BTC / USDT pair table

4 hour BTC / USDT pair table. Source: TradingView

Traders will also find that the price on the upper arm of the Bollinger Band has risen since April 23 when the digital asset rose to $ 7,752. Typically, after a breakout, the price eventually drops to affect underlying support. In this case, this would be the 20 MA of the Bollinger Band moving average, slightly below the high volume VPVR node and the 50% Fibonacci level at $ 7.130.

If $ 7,475 is not held, the price drops to $ 7,130.

BTC / USDT daily chart

BTC / USDT daily chart. Source: TradingView

The daily timeframe shows Bitcoin’s price in relatively good order as the asset has some distance between it and the previous 19-day resistance zone from $ 7,250 to $ 6,900, but as mentioned earlier, a new test from $ 7,250 to $ 7,100 are not an extraordinary expectation.

The two most recent candles show that the price is changing, while the neutral doji candles show that buyers and sellers disagree on the direction of the trend. Usually, volume precedes price, and in the daily timeframe, we can see that purchase volume is gradually accumulating and the pattern of higher daily lows remains intact.

If the price can hit a higher high above $ 7,750, an attack on the level of Fib 61.8 ($ 7,924) seems likely. There is also a volume gap in the VPVR above the 61.8 level, suggesting that a high volume breakout could push the price above the 100 and 200 day moving average to $ 8,700.

As the weekly close approaches, traders will be looking for a breakout of $ 7,700 and $ 8,000 or looking for a possible drop to $ 7,150. In a recent analysis, Cointelegraph employee Micheal van de Poppe said that a bullish scenario for Bitcoin would likely include the following:

“A breakout in the $ 7,700 range would likely justify further upward momentum with targets of $ 8,500 and $ 9,000 (as this is also the CME gap).”

The views and opinions expressed here are solely those of author and do not necessarily reflect Cointelegraph’s views. Every step of investment and trading involves risks. You have to do your own research when making a decision.

Similar Posts