Bitcoin price pushes to wipe out $ 7,750 as a key weekly closing approach

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Today, the price of Bitcoin (BTC) briefly rose above $ 7,700, suggesting that the weekend reminder, as well as the weekly closing, will provide above-normal levels of excitement. The move to $ 7,708 was short-lived, but almost peaked above Thursday’s impressive hike to $ 7,742. As of this writing, the price of Bitcoin is trading sideways between $ 7,500 and $ 7,569 as traders try to push the price above $ 7,600.

Altcoins also rose as the price of Bitcoin soared to $ 7,700 earlier today, but for the time being, major players like Ether (ETH), Chainlink (LINK) and Tezos (XTZ) depend on the action of Bitcoin prices to continue their uptrend.

Daily performance of the cryptography market

Daily performance of the crypto market. Source: Coin360

As the 4-hour graph shows, the price of Bitcoin is pinned below $ 7,600 and this level also corresponds to the March 12 candle that triggered the sharp drop to $ 3,765. We can also see above the highest price of the Bitcoin tweezers formed at $ 7,980 on March 11 and 12.

As discussed in the previous analysis, it is only a hair’s throw from the Fibonacci retracement at 61.8% and today and April 23, the price is struggling to break through this level of resistance.

4 hour chart BTC USDT

4 hour USD BTC chart. Source: TradingView

As the price consolidates into the current range, it is important that Bitcoin remains above $ 7,475 (lower red line) or that the price tends to fall to retest the underlying support levels.

The MACD has already fallen below the signal line over the 4 hour period and the MACD histogram has turned negative. The RSI also declined in bullish territory and is currently at 62.5.

4 hour chart BTC USDT

4 hour USD BTC chart. Source: TradingView

Traders will also note that the price has rolled along the upper arm of the Bollinger band since April 23, when digital assets jumped to $ 7,752. Usually, after a break, the price eventually drifts to hit the underlying support. In this case, it would be 20-MA of the Bollinger band’s moving average, which is slightly below the high volume VPVR node and 50% fiber level at $ 7,130.

Not holding $ 7,475 increases the probability that the price will drop to $ 7,130.

USD BTC daily chart

USD BTC daily chart. Source: TradingView

The daily calendar shows the price of Bitcoin in a relatively good order, as the asset put some distance between it and the previous 19-day resistance zone from $ 7,250 to $ 6,900, but as mentioned before, a new test of $ 7,250 to $ 7,100 is not an extraordinary expectation.

The two most recent candlesticks show that the price is on the move, neutral doji candles showing that buyers and sellers disagree on the direction of the trend. Generally the volume precedes the price and over the daily period we can see that the buying volume starts to accumulate and that the pattern of daily lows is intact.

If the price can reach a high above $ 7,750, an attack on the 61.8 Fib ($ 7,924) level seems likely. Above the 61.8 level, there is also a volume gap on the VPVR, suggesting that a large volume disruption could push the price above the moving average from 100 and 200 days to 8 $ 700.

As the weekly close to the close approaches, traders will keep a close eye on buying a breakout above $ 7,700 and $ 8,000 or buying the possible lower at $ 7,150. In a recently published analysis, Cointelegraph contributor Micheal van de Poppe said that a bullish scenario for Bitcoin would likely involve:

“A breakthrough in the $ 7,700 area would likely justify further upward momentum with targets of $ 8,500 and $ 9,000 (as that is also the spread of the CME). “

The views and opinions expressed here are solely those of author and do not necessarily reflect the views of Cointelegraph. Every investment and trading movement involves risks. You have to do your own research when you make a decision.



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