- Bitcoin revamp the uptrend once again to retest $7,120.
- Bitcoin buyers must find a support above $7,100 in the near-term.
Bitcoin uptrend has picked from where it left yesterday following the incredible jump above $7,000. The largest cryptocurrency by market capitalization has taken flight as the bulls tell the bears “it’s our turn now!” The entire market is experiencing a slight recovery in the wake of overarching declines that took place at the beginning of this month. Bitcoin dominance has dropped to 52.8% after cloaking 53.36 for the first time in 2018.
Bitcoin price stepped above $7,100 as predicted in the price analysis published by FXStreet yesterday. The price came close to $7,120 but about-turned on failure to overcome the resistance. BTC/USD remained stable above the 61.8% Fib retracement level with the previous swing high of $7,128.55 and a low of $6,866.47.
The trendline support was also instrumental in protecting the price from falling further, hence Bitcoin stayed above $7,000. It is up a subtle 0.30 percent today, Wednesday 29, besides the trend is strongly bearish and the next rendezvous for the buyers is at $7,250. However, the resistance at $7,120 and $7,200 must be dealt with. The stochastic oscillator on the 15-minutes chart is deep into the overbought levels. Moreover the moving averages on the same chart are sending bullish signals as well.
Bitcoin buyers must find a support above $7,100; this will allow them to plan an attack on $7,120 and eventually break above $7,200 hurdle. The 50SMA currently at $7,061.60 and the 100SMA at $7,046.59 will offer support above $7,000 (slightly above the 50% Fib level).
BTC/USD 15-minutes chart
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