Bitcoin Price Analysis: Bitcoin is still looking bullish intraday

Although Bitcoin is just over 1% lower on Wednesday the chart still looks bullish.
7K has been rejected again but the bulls do not want to give up.

Rajan Dhall, MSTA FX Daily

BTC/USD 1-hour chart

Bitcoin has been forming a formidable base and now is looking to test the top of the consolidation for the 3rd time. The market has been continuously making higher lows and higher highs on the hourly timeframe but each time it gets to 7K the price meets resistance. The price is also above the 55 and 200 moving averages. This is considered a bullish sign and the RSI indicator is also positive above the 50 mid-line.

Looking closer at the chart now, the price action is very jittery at these higher levels but also the volume is pretty low. As the crypto market is so unpredictable it's hard to say if a big bout of buying volume will come in. One thing is for sure, the 7K level is strong and a break will give a boost to sentiment after the big drop over the last month or so. On the daily chart, the sentiment is still bearish and this just seems like a retracement. Watch out when taking trades to the upside as the price could snap back at any stage.

Additional levels

BTC/USD

Overview
Today last price	6634.07
Today Daily Change	-134.31
Today Daily Change %	-1.98
Today daily open	6768.38

Trends
Daily SMA20	6667.1
Daily SMA50	8396.77
Daily SMA100	8222.97
Daily SMA200	8388.29

Levels
Previous Daily High	6861.94
Previous Daily Low	6403.85
Previous Weekly High	6951.22
Previous Weekly Low	4437.02
Previous Monthly High	10511.86
Previous Monthly Low	8431.17
Daily Fibonacci 38.2%	6686.95
Daily Fibonacci 61.8%	6578.84
Daily Pivot Point S1	6494.17
Daily Pivot Point S2	6219.97
Daily Pivot Point S3	6036.09
Daily Pivot Point R1	6952.26
Daily Pivot Point R2	7136.15
Daily Pivot Point R3	7410.35

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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