Let’s have a closer look at BTC/USD. The currency pair has jumped over the resistance area at $7,565 during the weekend and managed to test another resistance area at $7,734. The price declined towards the ascending trend line later. BTC/USD is testing this trend line, which coincides with $7,565 support area and 1.618 retracement level currently. The probable ways for Bitcoin are the following:
1. Red scenario (bearish). The currency pair will break through the trend line and move lower targeting two closest support areas at $7,341 and $7,199.
2. Orange scenario (neutral). The currency pair will stay between support area at $7,565 and resistance are at $7,734. This horizontal channel may be larger including the next resistance area at $7,949.
3. Green scenario (bullish). The currency pair will move upwards directly breaking through resistance areas at $7,734 and $7,949.
Check the full crypto analysis HERE>>>.
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