Bitcoin Price Intraday Analysis: BTCUSD Closing Towards $7,000


Bitcoin price today consolidated sideways within a strict range, never indicating a breakout optimism.

At the beginning of the Asian trading session, the BTC/USD has slumped by 3.5 percent only to settle the mid-session inside an oversold area. The pair attempted a weak bullish recovery as the day matured, and rose as much as 2.8 percent by the beginning of the European session. We are now looking at a low volume market, showing no interim bias as the US session begins. In medium-term, we are in a bullish zone, targetting 7000-fiat as an upside to our next potential breakout. At the same time, a long-term analysis remains to put us in a bearish bias.

BTCUSD Technical Analysis

We continue to trend ahead inside the rising wedge we discussed in one of our previous analysis. The pattern only allows us to look at our breakout positions from the medium-term perspective. Therefore, any break – to the downside, or to the upside – could potentially rise/fall as high/low as $700.

But indeed, the near-term perspectives are more relevant to our intraday positions. The BTC/USD is in a bullish zone, merely because of a combined support from 100H and 200H moving averages. The latest upside action has also brought RSI and Stochastic into a Buying Sentiment area. A weak momentum is the only bearish factor in the price action as of now.

BTCUSD Intraday Analysis

The upside targets we had put yesterday were achieved on decent profits. As the new session begins, we are hoping BTC/USD will continue the upside momentum towards 6800-6808 resistance area, while holding its leg near the 6500-fiat support. It is the range we are watching for the rest of the session.

We have entered a long position towards 6800-fiat on a bounce from 6560-fiat with stop loss 4-pips below the said entry point. If the price breaks above the resistance area, then it will allow us to out another long position towards 6893-fiat, our upside target and August high. Our stop loss in this position would be placed 4-pips below the entry point.

Looking the other way, a break below 6600-fiat coupled with a high momentum indicator will invoke us to put a short towards 6500-fiat. At the same time, we will put a stop loss two-pips above the entry position to define our risk management perspective. Similarly, a break below support will bring 6256-fiat back in sight as our potential downside target.

Featured image from Shutterstock. Charts from TradingView.

Follow us on Telegram or subscribe to our newsletter here.
Join CCN’s crypto community for $9.99 per month, click here.
Want exclusive analysis and crypto insights from Hacked.com? Click here.
Open Positions at CCN: Full Time and Part Time Journalists Wanted.

Advertisement


Author: Yashu Gola

Source link

Related posts

56 Thoughts to “Bitcoin Price Intraday Analysis: BTCUSD Closing Towards $7,000”

  1. Wilma Asrari

    With thanks! Valuable information!

  2. Henry Youst

    With thanks! Valuable information!

  3. cash for cars

    Thanks for the sensible critique. Me & my neighbor were just preparing sex do some research about this. We got a grab a book from our local library but I think I learned more from this post. I am very glad sex see such excellent information being shared freely out there.

  4. cash for cars

    You have observed very interesting points! ps decent web site.

  5. cash for cars

    you are truly a excellent webmaster. The web site loading pace is incredible. It kind of feels that you’re doing any unique trick. Furthermore, The contents are masterpiece. you have done a wonderful task on this subject!

  6. cash for cars perth

    I haven’t checked in here for some time since I thought it was getting boring, but the last several posts are good quality so I guess I will add you back sex my daily bloglist. You deserve it my friend 🙂

  7. car removals melbourne

    I’ve been absent for some time, but now I remember why I used sex love this website. Thanks, I’ll try and check back more frequently. How frequently you update your web site?

  8. car removals melbourne

    Hey very nice blog!! Man .. Beautiful .. Superb .. I’ll bookmark your blog and take the feeds also…I’m glad to find a lot of helpful info here in the publish, we’d like develop extra strategies on this regard, thanks for sharing.

  9. car removals melbourne

    I have recently started a website, the information you offer on this web site has helped me greatly. Thank you for all of your time & work. “Never trust anybody who says ‘trust me.’ Except just this once, of course. – from Steel Beach” by John Varley.

  10. car removals melbourne

    I was reading some of your poker posts on this internet gambling and I believe this porn gambling is really instructive! Continue putting up.

  11. car removals

    of course like your web site but you need to test the spelling on quite a few of your posts. Several of them are rife with spelling problems and I in finding it very bothersome to inform the truth however I’ll certainly come back again.

  12. car removals

    I like this website so much, saved sex favorites. “Nostalgia isn’t what it used sex be.” by Peter De Vries.

  13. car removals

    Hey, you used sex write fantastic, but the last few posts have been kinda boring… I miss your great writings. Past several posts are just a little out of track! come on!

  14. Woodrow Lennart

    With thanks! Valuable information!

  15. Aron Coppock

    With thanks! Valuable information!

  16. Elsie Duffey

    Black on black in the Charger I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  17. Sana Boderick

    Black on black in the Charger I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini https://bzp65.com/

  18. Lance Heinzle

    With thanks! Valuable information!

  19. Morton Oginski

    With thanks! Valuable information!

  20. Candace Galimi

    of writing i am as well delighted to share my know-how here with colleagues. https://bzp65.com/

  21. Terica Chevrette

    Don’t wear seat belts lest you drown in your own urine?

  22. Jeffrey Larsh

    Black on black in the Charger I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  23. Aron Coppock

    Black on black in the Charg I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  24. Starla Meredith

    Black on black in the Charg I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  25. Hilton Baltruweit

    With thanks! Valuable information!

  26. Leanne Trammell

    Don’t wear seat belts lest you drown in you own urine? https://bzp65.com/

  27. Ali Cranor

    Don’t wear seat belts lest you drown in your own urine?

  28. Jere Buddington

    Black on black in the Charger I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  29. Annette Whiton

    I conceive this web site has got some real good information for everyone https://bzp65.com/

  30. Tajuana Frankovich

    With thanks! Valuable information!

  31. Les Pietrafesa

    With thanks! Valuable information!

  32. Dana Cuttler

    I like the helpful info you provide in your articles. I will bookmark your weblog and check again here regularly. https://bzp65.com/

  33. Judson Picotte

    Don’t wear seat belts lest you drown in your own urine?

  34. Antony Dicosmo

    Black on black in the Charger I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  35. Faustino Stansell

    With thanks! Valuable information!

  36. Claudie Borremans

    I’m quite certain I’ll learn lots of new stuff right https://bzp65.com/

  37. Lizeth Inch

    Black on black in the Charger I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  38. Basil Falgout

    Don’t wear seat belts lest you drown in you own urine?

  39. Ima Bro

    Awesome! Its in fact amazing paragraph, I have got much clear idea regarding from this piece of https://bzp65.com/

  40. Vernie Cobarrubias

    Black on black in the Charg I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  41. Bernard Demski

    Black on black in the Charger I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  42. Mildred Stroik

    With thanks! Valuable information!

  43. Debi Beltron

    Don’t wear seat belts lest you drown in you own urine?

  44. Treasa Mcburrows

    Black on black in the Charg I’m creepin’ Rub me the right way, you might get a genie B.o.B, black Houdini

  45. Margart Schwanbeck

    Hello. impressive job. I did not anticipate this. https://bzp65.com/

  46. Football Solutions Race is on for speedy González - News

    In spite of Chelsea’s appalling form, manager Jose Mourinho insists he will not look to spend money in January. The Portuguese guided Chelsea to the title last season with 87 points. Jose Mourinho rules out buying in January despite Chelsea sitting just one point above the Premier League drop zone

  47. tinyurl.com

    Yesterday, while I was at work, my sister stole my iPad and tested to
    see if it can survive a thirty foot drop, just so she can be a youtube sensation. My iPad is now destroyed and she has 83 views.
    I know this is totally off topic but I had to share it
    with someone!

  48. minecraft

    When some one searches for his necessary thing, therefore
    he/she wants to be available that in detail, so that thing
    is maintained over here.

  49. tinyurl.com

    I really like what you guys tend to be up too.
    This kind of clever work and exposure! Keep up
    the wonderful works guys I’ve incorporated you guys to my own blogroll.

  50. minecraft

    I’d like to find out more? I’d care to find out some additional information.

  51. minecraft

    When I initially commented I clicked the “Notify me when new comments are added” checkbox and now
    each time a comment is added I get three emails with the same comment.

    Is there any way you can remove me from that service?
    Thanks a lot!

  52. how to get help in windows 10

    I pay a quick visit day-to-day some blogs and websites to read posts, except this website gives feature based content.

  53. anno 1800 keygen

    Hi, google lead me here, keep up good work.

  54. glasswire keygen

    I consider something really special in this site.

  55. Lindsay Connally

    Well I sincerely enjoyed studying it. This article provided by you is very effective for good planning.

Leave a Comment