Manoj B Rawal
Independent Analyst
- Bitcoin respects the support and moves up.
- Not enough immediate resistance for now.
The king of cryptocurrencies has been consolidating in a narrow range for $7,000 - $8,000 for quite some time and now seems to be gathering steam to move up, inch by inch by taking multiple supports from lower levels.
BTC/USD is up about half a percent at $7,650, not far from day's high of $7,678. On the 120-minute chart, BTC has been taking support in the form of ascending trendline that has been respected quite a few times in the recent past.
On the daily chart, 21 days simple moving average too is just below where the current price is, which is $7,625, another short term support for bulls to cling on to. Short term resistance are, though minor ones, placed around $7,700 and $7,775.
BTC/USD 120-minute chart:
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