Bitcoin Price Analysis: BTC breaks previous wave high in a bullish move

Bitcoin trades 5.64% higher on Thursday as the crypto space catches a bid.
The previous wave high of 7466.00 has been broken and the price could move to higher levels.

Rajan Dhall, MSTA FX Daily

BTC/USD 4-hour chart

Bitcoin moved higher today in a bullish move which saw BTC/USD take out the previous wave high of 7466.00. Now it seems the pair looks on its way to test the psychological 8K level. The level is planted between the 138.2% and 161.8% Fibonacci extension levels.

Looking closer at some of the technical indicators now and the price is still trading above both the 55 and 200 moving averages. The relative strength index indicator has now moved into overbought territory. This means we could see a small retracement before the trend continues in its upward trajectory. Another positive note is the volume spike marked by the circle at the bottom of the chart. It is good to see breakouts backed by good volume as its a good confirmation signal.

Additional levels

BTC/USD

Overview
Today last price	7530.88
Today Daily Change	393.82
Today Daily Change %	5.52
Today daily open	7137.06

Trends
Daily SMA20	7000.17
Daily SMA50	6807
Daily SMA100	8050.61
Daily SMA200	7981.44

Levels
Previous Daily High	7166.59
Previous Daily Low	6826.77
Previous Weekly High	7216.69
Previous Weekly Low	6466.49
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	7036.78
Daily Fibonacci 61.8%	6956.58
Daily Pivot Point S1	6920.36
Daily Pivot Point S2	6703.65
Daily Pivot Point S3	6580.53
Daily Pivot Point R1	7260.18
Daily Pivot Point R2	7383.3
Daily Pivot Point R3	7600

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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