Bitcoin has joined the pivot at 7800 USD and is trying to leave his compression pattern.
- Major resistance at 7800 USD
- Broken resistance on the RSI (14)
- Compression figure output
If the movement is confirmed, and we close in daily this night beyond 7800 USD, the next goal will be around 8500 USD.
Our analysis are entirely done Binance charts
The uptrend continues on Bitcoin. The resistance at 7600 USD has been passed, and buyers are now struggling to make the final step at 7800 USD. If we leave the compression figure, a return to 8500 USD, then most certainly in a few weeks to 9900 USD is expected. On the other hand, if we reintegrate the figure of compression, a return towards the support to 6800 USD seems inevitable. The next few hours will be crucial if buyers manage to break the 7800 USD and close the day beyond, a strong rise should follow.
How to take position?
We are going to wait for the resurgence to 7800 USD to take a position towards the 8500 USD, or conversely, a return below the 7500 USD to take a position towards the 6800 USD.
Should we expect a new correction?
It doesn’t seem so. Nevertheless, we are under a major resistance, better not to take a stand and wait to see the market manages to pass or not.
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Key Levels :
- Essentials resistances : – 7800 – 8500
- Essentials supports : 6800 – 7600
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