Bitcoin recovered from Asian low registered at $7,338 and BTC price spikes to $7.5k handle. The digital currency No.1 is 1.5% higher since the start of the day, but the upside momentum is weak as long as the price stays below $7,500 resistance.
Moreover, the cryptocurrency lead goes up and down gradually. Also, the spike is not permanent. It will change very soon dynamically changes.
BTC technical analysis:
Technically, BTC/USD spiked above both 50 and 200-SMA on the hourly chart, but further recovery is still capped by $7,500. Once it is clear, Bitcoin, $7,683 (23.6% Fibo) will come into focus with the ultimate aim at $8,000.
On the downside, fresh buying interest around 100-SMA ($7,322) will provide short-term support for the coin, but if it is broke, the sell-off might extend towards $7,000.
More, technically we can analyse day today markets using the technical indicators like EMA, SMA, etc. Trading is like art we have involved profoundly and predicted the prices of the coin. Moreover, the cryptocurrencies will surely hit the world in the future.
BTC price spikes to $7.5k
Let’s see the chart with SMA indicator
From the chart, we can predict that the coin will have an upward momentum very soon. But we can’t say that the price will increase 100%. Let’s hope for good news in the coming days.
If, Traders don’t panic and continue to trade cryptocurrencies and increase the market’s wealth will automatically raise the coin prices. What do you think? Share your thoughts!