Today Bitcoin trade volume at its highest since April this year. Such activity means that large amounts of money are being pumped into the top 1 cryptocurrency, pushing price up. Today BTC has outperformed the USD by 22% as price surged from $6384 up to $7788 high.
As per our previous idea (www.tradingview.com/...g-upcoming-breakout/), today BTC/USD has reached the upside target, that is 78.6% Fibonacci resistance level at $7675. The resistance has been reached and rejected along with the uptrend trendline, resulting in a fast correction down by 13.5%.
Up until now, price failed to close above the $7k resistance that could result in a consolidation between the $6400 support and $7000 resistance. During the past 5 months, the highest trade volume has been recorded at $6400 level, which currently might play a key role in further price development. As long as the daily close remains below the $7020, BTC is expected to decline towards the support area.
But, looking at the upside potential, if today's’ close will be above the resistance, Bitcoin could easily reach the $7675 resistance. If broken, next target will be the $8060, which actually might be the key resistance level to watch.
To summarize, while the daily close remains below $7k, price is expected to correct further down to support area. Daily close above the $7k resistance could push price up to the $7675 level. And finally, considering the current price action, range trading is to be expected.
To summarize, while the daily close remains below $7k, price is expected to correct further down to support area. Daily close above the $7k resistance could push price up to the $7675 level. And finally, considering the current price action, range trading is to be expected.
Support:
1. $6560
2. $6400
Resistance:
1. $7020
2. $7675
Up until now, price failed to close above the $7k resistance that could result in a consolidation between the $6400 support and $7000 resistance. During the past 5 months, the highest trade volume has been recorded at $6400 level, which currently might play a key role in further price development. As long as the daily close remains below the $7020, BTC is expected to decline towards the support area.
But, looking at the upside potential, if today's’ close will be above the resistance, Bitcoin could easily reach the $7675 resistance. If broken, next target will be the $8060, which actually might be the key resistance level to watch.
To summarize, while the daily close remains below $7k, price is expected to correct further down to support area. Daily close above the $7k resistance could push price up to the $7675 level. And finally, considering the current price action, range trading is to be expected.
To summarize, while the daily close remains below $7k, price is expected to correct further down to support area. Daily close above the $7k resistance could push price up to the $7675 level. And finally, considering the current price action, range trading is to be expected.
Support:
1. $6560
2. $6400
Resistance:
1. $7020
2. $7675
Comment:
Currently BTC might go a little lower, unless breaks above the resistance
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BTC hitting support
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BTC still at the support
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