Bitcoin Price to Spike to $7,530 If Two Supports Below Hold: Crypto Trader

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    The Bitcoin price has a chance of breaking above the current level of $7,280 – towards $7,530, if the two support levels ($7,225 and $7,160) hold, a trader predicts

Bitcoin Price to Spike to $7,530 If Two Supports Below Hold: Crypto Trader
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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of U.Today. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

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Earlier on Friday, U.Today reported that the price of the father crypto-asset had spiked five percent to $7,216 after dipping briefly below $7,000. The reason is believed to be US President Trump escalating the US-Iran tensions.

At press time, Bitcoin is changing hands at $7,280, according to CoinMarketCap. Traders are hoping for a bullish scenario in the short term.

‘BTC has rallied with a really strong momentum’

Earlier today, the ‘Livercoin’ trader tweeted that Bitcoin was likely to bounce today. Bitcoin has rallied with really strong momentum, he says. Now, the trader writes in the next tweet, the BTC price may even surge higher – to test the $7,530 resistance – should the support levels of $7,225 and $7,160 hold below.

BTC price 1
Image via Twitter

‘A relief has been found’

A technical analyst and trader ‘CryptoDude’ has issued several tweets, saying that the Bitcoin price has found relief, however, in an earlier tweet he said that the things weren't looking good for the bulls.

BTC price 2
Image via Twitter

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‘Inverse Head and Shoulders possible’

The trader Scott Melker tweets that an inverse Head and Shoulders scenario is likely to form – a pattern that is usually used for predicting reversal in downtrends.

However, he says the pattern would not work unless BTC stops above the swing low and breaks the pink line after that.

BTC Scott Melker
Image via Twitter

 

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About the author

Yuri is a journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future. ‘Hodls’ cryptocurrencies. Has written for several crypto media. Currently is a news writer at U.Today.

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