Bitcoin Price Analysis: BTC/USD flying and defying odds
Bitcoin price on Friday is very erect, holding solid gains of over 3%, as the wind remains behind the bulls.
BTC/USD bulls managed to break above a chunky area of resistance, which was originally formed a bearish flag pattern.
Heavy supply zone tracking from $6500 - $6600 area has been cleared by the bullish momentum on Friday.
The Bitcoin price saw strong decent gains early on Friday, after it spiked some 3%, with the wind remaining behind the bulls. Life has been kicked back into the crypto market, after the plummet earlier in the month.
BTC/USD price action had formed a large bearish flag pattern, which appeared to summon Bitcoin to another chunky drop to the south. However, a breakout has been seen in the session, clearing the heavy resistance area, running from $6500-600.
Technically, given the recent failure of the rather large bearish set up seen for BTC/USD, the price looks subject to some further buying pressure. The clearance of supply zone mentioned above, paves the way for $7000 to come back into play. Bitcoin is taking a breather around plummeting levels seen on 6th September, where the price took a moment before another deep drop, resistance seen around $6700 - $6750.
Support will now be eyed at the broken supply $6600 - $6500, to act as new demand area.
As long as the price is above the $6,550 level and the 100 SMA, there could be more gains above the $6,771 high in the near term. BTC buyers might attempt to push the price towards the $6,900 and $7,000 resistance levels.
Overall, the current price action is positive above $6,550 for bitcoin. There could be a few swing moves, but as long as bulls are active, there are high chances of a test of the $7,000 barrier in the near term.
Above $7,000, the price could find resistance near $7,150.
BTC/USD bulls managed to break above a chunky area of resistance, which was originally formed a bearish flag pattern.
Heavy supply zone tracking from $6500 - $6600 area has been cleared by the bullish momentum on Friday.
The Bitcoin price saw strong decent gains early on Friday, after it spiked some 3%, with the wind remaining behind the bulls. Life has been kicked back into the crypto market, after the plummet earlier in the month.
BTC/USD price action had formed a large bearish flag pattern, which appeared to summon Bitcoin to another chunky drop to the south. However, a breakout has been seen in the session, clearing the heavy resistance area, running from $6500-600.
Technically, given the recent failure of the rather large bearish set up seen for BTC/USD, the price looks subject to some further buying pressure. The clearance of supply zone mentioned above, paves the way for $7000 to come back into play. Bitcoin is taking a breather around plummeting levels seen on 6th September, where the price took a moment before another deep drop, resistance seen around $6700 - $6750.
Support will now be eyed at the broken supply $6600 - $6500, to act as new demand area.
As long as the price is above the $6,550 level and the 100 SMA, there could be more gains above the $6,771 high in the near term. BTC buyers might attempt to push the price towards the $6,900 and $7,000 resistance levels.
Overall, the current price action is positive above $6,550 for bitcoin. There could be a few swing moves, but as long as bulls are active, there are high chances of a test of the $7,000 barrier in the near term.
Above $7,000, the price could find resistance near $7,150.
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