Bitcoin Price Analysis: BTC/USD Primed for Further Upsides

Bitcoin price popped higher and broke the $6,880 and $7,020 resistances against the US Dollar. BTC/USD is trading in a bullish zone and it could continue to move higher.

Important points

  • Bitcoin surged higher during the past few sessions and settled above the $6,880 barrier.
  • BTC/USD surpassed an important symmetric triangle with resistance near $6,720 on the 2-hours chart (as discussed in the previous analysis).
  • BTC price is currently consolidating gains above $7,050 and is preparing for the next move.

Bitcoin price analysis

In the last bitcoin price analysis, we discussed that bulls are likely targeting $6,880 and higher against the US Dollar. BTC/USD did move higher and broke a few major resistances near $6,720, $6,880 and $7,020 to move into a bullish zone.

The 2-hours chart of BTC price suggests that there was a picture perfect break above an important symmetric triangle with resistance near $6,720. The price later retested the broken triangle at $6,700 and resumed its upside move.

bitcoin
Chart sourced by TradingView, Binance

The price rallied above the $6,880 barrier and even cleared a strong sell zone near $7,000-7,020. A fresh weekly high was established above the $7,130 level before the price started consolidating gains.

There was a short-term decline towards the 23.6% Fibonacci retracement level of the last upward move from the $6,715 low to $7,135 swing high. However, declines were limited as a connecting bullish trend line on the same chart acted as a support near $7,035.

Looking at the chart, it seems like there is a short-term ascending triangle pattern in place with resistance near $7,130-7,140. A successful break above this could open the doors for more gains towards the $7,220 and $7,250 resistances in the near term.

On the flip side, a downside break below $7,050 and $7,035 will most likely push the price below the $7,000 level. The next major support is near the 50% Fibonacci retracement level of the last upward move from the $6,715 low to $7,135 swing high at $6,925.

Overall, the current price action is super bullish and to extend gains bitcoin buyers need to clear the triangle resistance near $7,140.

Also, read: Bitcoin Strikes Deal with Football, eToro & Quantocoin Fostering Crypto’s Global Exposure   

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Written by Latika Mehrotra @ https://coingape.com/bitcoin-price-analysis-btc-usd-primed-for-further-upsides/ August 29, 2018 Latika Mehrotra

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