BTC USD Nearing $7000 Mark: Intraday Price Analysis

BTC Wires: The start of the Asian trading session saw the BTC/USD fall by 3.5%. However, the pair tried a weak recovery attempt, and gained as much as 2.8% by the start of the European session. Now, the market shows a rather low volume, with no portrayal of any interim bias for the beginning of the US session. During the mid-term, Bitcoin now targets the $7000 mark as their next potential breakout target. However, a long-term analysis of the market suggests that such a gain may just be a bit too optimistic.

The current market pattern only shows the breakout positions of BTC from a mid-term perspective. This means that any movement, either positive or negative, could potentially see a change of as much as $700.

However, considering the total backing gained from the 100H and 200H averages, the BTC/USD might stand to gain. Stochastic and RSI have also come inside an area of buying sentiment, following the new upside action. A slow gaining momentum is the only negative issue in the BTC graph as of now.

The upper targets BTC had aimed for recently have received decent traction. Investors now expect that the upside movement would continue gaining towards the $6,800 mark of resistance, while still claiming ground around the $6,500 zone. This range is essentially the BTC target for the rest of the session.

Yashu Gola writes in CCN:

“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.”

On the other hand, falling below the $6,600 mark in spite of a big momentum would definitely cause BTC to cut short near the $6,500 mark. So correspondingly, they shall enter a stop-loss 2 pips ahead of the entry point in order to better portray their perspective of managing risk. Similarly, if a fall of support occurs, BTC will look to the $6,256 mark as their next potential lower target.

Dmitriy

Having majored in Social Psychology and Economics, I worked as a team lead of a tech and fundamental analysis lab in the Applied System Analysis Research Institute. I write financial articles for various international media. I also hold the position of a Chief Analyst at RoboForex.