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Bitcoin increased by a whopping 9% over the past 24 hours of trading as the cryptocurrency surged to a high of around $7,250. It has since dropped lower but is battling to remain above the $6,800 level.

If Bitcoin can actually close above $6,800, this should set up a fantastic 2 weeks ahead as it would be breaking a consolidation pattern that has trapped the cryptocurrency since the market collapse.

Bitcoin Price Analysis

BTC/USD Daily CHART SHORT TERM

Taking a look at the daily chart above, we can see Bitcoin breaking above the triangle today as it reached a high above $7,000. We can see that it even broke slightly past strong resistance at $7,174 which is provided by a bearish .618 Fibonacci Retracement level.

After it reached this level, Bitcoin came back down and is now battling to remain above $6,800 so it can close above the triangle.

As the current candle is still yet to close, we can consider Bitcoin neutral at this moment in time. However, if it manages to close above $6,800 and break the upper boundary of the triangle, the market will turn bullish.

If the bulls can close above the triangle, the first level of resistance lies at $7,000. Above this, resistance is located at $7,174 (bearish .618 Fib Retracement), $7,270 (1.414 Fib Extension), and $7,500.

Beyond $7,500, resistance lies at $7,676 (1.618 Fib Extension) and $8,073 (bearish .786 Fib Retracement).

On the other hand, if the sellers push lower, support lies at $6,572 and $6,100 (.382 Fib Retracement). This is followed with support at the lower boundary of the triangle and then at $6,000 and $5,786 (.5 Fib Retracement).

Support: $6,542, $6,100, $6,000, $5,911, $5,786, $5,636, $5,600, $5,500, $5,467 $5,200, $5,000, $4,800, $4,672, $4,577, $4,139, $4,000, $3,912, $3,500, $3,436.

Resistance: $6,800, $7,000, $7,174, $7,200, $7,270, $7,500, $7,676, $8,000, $8,073, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100.

Summary

Article Name

Bitcoin Price Analysis: BTC Surges 9% And Will Set Up A Strong Rally IF We Can Close Above This Pattern

Description

Bitcoin saw an epic 9% price increase over the past 24 hours of trading as the cryptocurrency finally breaks above $6,800.The cryptocurrency had traded higher to reach as high as $7,250 but quickly came back down.

Author

Yaz Sheikh

Publisher Name

Coin Gape

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Bitcoin Price Analysis: BTC Surges 9% And Will Set Up A Strong Rally IF We Can Close Above This Pattern - Coingape