RATE Group | Bitcoin Forming Another Bullish Breakout Pattern and It Could Rally To $7.2K
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Bitcoin Forming Another Bullish Breakout Pattern and It Could Rally To $7.2K

02 Apr Bitcoin Forming Another Bullish Breakout Pattern and It Could Rally To $7.2K

Posted at 05:57h in Bitcoin News by

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Bitcoin is up more than 4% and it broke the key $6,500 resistance area against the US Dollar. BTC price is forming a solid bullish trend and it could soon rally towards $7,000 or $7,200.

  • Bitcoin started a fresh increase after testing the $6,200 support area against the US Dollar.
  • The price is up close to 5% and it surpassed the $6,500 and $6,600 resistance levels.
  • There is a short term contracting triangle forming with resistance near $6,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to continue higher above the $6,650 and $6,800 resistance levels in the near term.

Bitcoin Gaining Traction

Yesterday, we saw a few bullish signs above $6,200 for bitcoin against the US Dollar. BTC price corrected a few points from the $6,600 resistance area, but it remained well bid near the $6,200 support area.

It traded as low as $6,159 and recently started a fresh rally. The bulls gained strength and were able to push the price above the key $6,400 pivot area. More…

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