- Bitcoin saw a further 2% price increase today as the cryptocurrency trades at $7,480.
- Bitcoin will start a bullish run higher if it can break above the current resistance at the 100-days EMA.
Bitcoin surged by a small 2% today as the cryptocurrency meets resistance at the 100-days EMA at around $7,550. The cryptocurrency exploded yesterday which allowed the coin to break above resistance at $7,200 and $7,400 as it reached as high as $7,700.
It went on to close beneath the 100-days EMA which is now providing strong resistance for the market. For Bitcoin to start a bullish push higher, we would need to see the resistance at the 100-days EMA being broken.
We can expect this to break pretty soon when we consider that the Bitcoin block halving is just around the corner and a break above the 100-days EMA should spark a bullish run higher toward $8,000.
Bitcoin Price Analysis
BTC/USD – Daily CHART – SHORT TERM
Taking a look at the daily chart above, we can see Bitcoin breaking the strong levels of resistance yesterday at $7,200 and $7,400. It spiked higher to reach $7,700 but eventually went on to close beneath the resistance at the 100-days EMA where it currently trades.
Short term prediction: BULLISH
Bitcoin is now considered as bullish in the short term, especially after breaking the $7,400 resistance. However, we need to tackle the 100-days EMA if we would like to continue.
Above the 100-days EMA, resistance lies at $7,680, $7,877 (1.272 Fib Extension), and $8,073 (bearish .786 Fib Retracement). Above this, added resistance is located at $8,200, $8,430 (1.618 Fib Extension), and $8,600 (bearish .886 Fib Retracement).
On the other hand, if the sellers push lower, we can expect support at $7,400, $7,200, and $7,000. This is followed by added support at $6,840.