Hello trader’s, here’s a market breakdown on Bitcoin : US Dollar .
We’ll be starting this analysis with the weekly time-frame and we’ll be dropping down to a daily time-frame.
As you can see, this week’s candle reached our target of 7500 that was covered on our earlier analysis that resulted with a slight reversal back below 7100 resistance, that has acted as a crucial resistance for the past three weeks.
Before we can begin to determine upside targets such as 7800/8000, BTC must close the closing price above this level.
Looking at the daily time-frame, you will find that we are now in an upward trend-constantly moving from area to area. If you see at the previous zone from where we broke from, after hitting a resistance at 6800 we came back to retest the previous support level that correlated with the trend-line. Now looking at the current price it seems we are in a similar situation, we made a new high at around 7500 and we came back to retest 6800 support that also correlates with the trend-line.
Should we hold above this support we should be starting to test the likes of 8000 by the start of next week.
We’ll be starting this analysis with the weekly time-frame and we’ll be dropping down to a daily time-frame.
As you can see, this week’s candle reached our target of 7500 that was covered on our earlier analysis that resulted with a slight reversal back below 7100 resistance, that has acted as a crucial resistance for the past three weeks.
Before we can begin to determine upside targets such as 7800/8000, BTC must close the closing price above this level.
Looking at the daily time-frame, you will find that we are now in an upward trend-constantly moving from area to area. If you see at the previous zone from where we broke from, after hitting a resistance at 6800 we came back to retest the previous support level that correlated with the trend-line. Now looking at the current price it seems we are in a similar situation, we made a new high at around 7500 and we came back to retest 6800 support that also correlates with the trend-line.
Should we hold above this support we should be starting to test the likes of 8000 by the start of next week.
