Bitcoin price analysis: Short term breakout is here, 100 SMA is a first test

Bitcoin breaks out of a trendline resistance on the short term chart.
Faces resistance at 100 days SMA.

Manoj B Rawal Independent Analyst

Bitcoin, the poster boy of cryptocurrencies, has broken out of a falling trendline resistance on the short term charts and is trading well above it, but has a first test to pass in the form of 100 days simple moving average.

BTC/USD is up more than a percent at $7,722 after hitting day's low of $7,587. BTC bulls have managed to sustain past a falling trendline resistance on the 240-minute chart, as pointed by this author on Saturday (read earlier story here) and now faces first test in the form of 100 days simple moving average sitting just where the price is - $7,731.

Once crossed, BTC's next major resistance is around the round figure mark of $8,000 and then $8,600. Strong support is placed around $7,000 mark.

BTC/USD 240-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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