Bitcoin gained traction and settled above the $7,000 resistance against the US Dollar. BTC price is consolidating gains above the 100 hourly SMA and likely to grind higher towards $7,500.
- Bitcoin is rising steadily and it is positioned nicely above $7,000 against the US Dollar.
- There is a strong support base forming near the $7,050 and $7,000 levels.
- There is a major bullish trend line forming with support near $7,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to continue higher towards $7,500 as long as it is above the 100 hourly SMA.
Bitcoin Turns Green
After a successful break above the $6,800 resistance, bitcoin price gained bullish momentum against the US Dollar. BTC extended its rise above the $7,000 resistance and the 100 hourly simple moving average.
It even surpassed the $7,200 resistance and traded as high as $7,302 before starting a downside correction. The bears were able to push the price below the $7,100 level, but the bulls were able to protect the $7,050 region.Key Breakdown Zone
On the downside, there is a major support near the $7,050 level and the 100 hourly SMA. If bitcoin fails to stay above the $7,050 and $7,000 support levels, it could start a fresh decline.
A successful close below the $7,000 support level might lead the price towards the $6,800 support area in the near term. Technical indicators:Image from unsplash