- Bitcoin price stabilizes in the $6,400 range, awaiting a breakout above $6,500.
- A rally is anticipated after taking down resistance at $6,500 but selling activity at $6,646 and $6,698 must be dealt with.
Bitcoin price bulls have adamantly stayed in the driver seat even after a rejection at $6,525. Besides, support at $6,400 has proved vital to the ongoing recovery. Buyers are intentional on revenging the losses suffered over the weekend and pulling BTC/USD towards $8,000.
BTC/USD is trading at $6,496 after the price corrected higher by 1.5% on the day. Strongly bullish momentum is contributing to nurturing an uptrend targeting $7,000 in the short-term. The daily chart also shows Bitcoin price trading within the confines of a rising triangle. A break above $7,000 would culminate in a triangle breakout likely to close in on $8,000.
BTC/USD daily chart
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BTC/USD confluence levels
According to the confluence detector tool by FXStreet, smooth sailing is expected towards $7,000 once the initial hurdle at $6,516 is cleared. Some of the key indicators in this zone are the previous high 15-minutes and the previous high 1-hour. The trajectory to $7,000 will, however, have to deal with some selling activities at $6,646 and $6,698 respectively. Highlighting the first zone is the previous high one-day while the latter is home to the Fibonacci 23.6 one-week and the Bollinger Band 4-hour upper curve.
On the downside, Bitcoin is firmly supported, starting with the support at $6,490 as shown by the SMA five 15-mins, the previous low 15-mins and the Fibonacci 38.2% one-week. The next key support is observed at $6,334 - $6,308 as highlighted by the Fibo 38.2% one-day, the SMA Fibo one-day and the Bollinger Band 1-hour lower curve. Further down, $6,204 is the former support likely to act as the last resort for preventing a drop under $6,000.
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