Bitcoin price surged higher and broke an important resistance at $6,820 against the US Dollar. BTC/USD is currently consolidating and dips remain supported.
- Bitcoin price settled above a monster resistance at $6,820, moving into a bullish zone.
- BTC/USD broke a crucial bearish trend line with resistance at $6,600 on the daily chart.
- The pair is forming an expanding triangle with support at $7,200 on the 2-hours chart.
Bitcoin Price Weekly Analysis
Bitcoin price finally made a nice upward move this past week and formed an important bottom at $6,075 against the US Dollar. The BTC/USD pair surged higher and broke a monster resistance at $6,820.
Looking at the daily chart, the price started a fresh bullish wave and broke a crucial bearish trend line with resistance at $6,600. It opened the doors for more gains and the price cleared the 23.6% Fib retracement level of the last major decline from the $9,973 high to $6,075 swing low.
More importantly, the price settled above the $6,820 resistance and the 21-day simple moving average. BTC price traded above the $7,600 level and is currently consolidating gains.
On the upside, the next major resistance is near $7,880 and the 50% Fib retracement level of the last major decline from the $9,973 high to $6,075 swing low. On the downside, the previous broken resistance at $6,820 is likely to act as a strong support if the price corrects lower.
Moving down to the 2-hours chart of BTC/USD, the pair is forming an expanding triangle with support at $7,200. At present, the pair is trading below the 21 simple moving average (2-hours), but it remains supported near $7,200 and $7,150.
Should there be a break below the $7,150 support, the price may perhaps test the 38.2% Fib retracement level of the last wave from the $6,075 swing low to $7,694 high at $7,076.
Overall, bitcoin price is back in a significant uptrend, and any dips from the current levels remain supported near $7,150, $7,070 and finally $6,820. On the upside, the next targets could be $7,880, $8,000 and $8,400.
The market data is provided by TradingView, Coinbase.