RATE Group | Bitcoin (BTC) Resilience Pauses But Not Out of Woods Yet
70284
post-template-default,single,single-post,postid-70284,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin (BTC) Resilience Pauses But Not Out of Woods Yet

29 Nov Bitcoin (BTC) Resilience Pauses But Not Out of Woods Yet

Posted at 06:41h in Bitcoin News by

[ad_1]

  • Bitcoin price is consolidating gains above the $7,400 and $7,295 support levels against the US Dollar.
  • The price is likely to accelerate higher once it clears the $7,600 and $7,700 resistance levels.
  • There is a key declining channel forming with resistance near $7,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains well supported on dips near the $7,400 and $7,300 levels in the near term.

Bitcoin price is likely forming a bullish pattern above $7,400 against the US Dollar. BTC could soon rally towards $8,000 or $8,200 once it clears the $7,700 resistance region.

Bitcoin Price Analysis

Yesterday, bitcoin climbed above the key $7,300 and $7,400 resistance levels against the US Dollar. Moreover, there was a close above the $7,400 level and the 100 hourly simple moving average.

It opened the doors for more gains above the $7,500 level. Finally, the price tested the next key resistance near $7,700 (as pointed out in the weekly forecast). A high was formed near…

[ad_2]

Source link

Tags:
, , , ,