What’s Up Bitcoin? Price Analysis from TAcademy.pro

Bitcoin has been bullish for the last two weeks and it also startedMonday with a bullish attitude. Price retraced to $7,180 levels but Bulls were able to defend $7,100 — $7,200 support zone and BTC got rejected harshly every time it went as low as the support level. Now, Btc is facing $7,300 — $7,500 area as a temporary resistance area. On the daily chart, the price closed above the Golden line and it is trading above this for almost 8 days. That is a bullish signal and healthy. What is more interesting is that the green line also crossed over the golden moving average in the past weekend (Sept 2nd). The last time it happened, it was on July 18 when BTC was trading at $6,500 levels. The bullish crossover triggered a run up to $8,500 levels. The two crossing events are marked in yellow crosses. The volume is also increasing, however, it may take time till BTC convinces the buyers to entre the mark. But, usually retailers are always late, smart money starts accumulating at the lower levels ($6,400). BTC has closed above $7,250 on the daily chart. That means the rally can be extended to $7,777, my magic number. We have signaled to buy at $6,400 levels. The position traders can now raise their stops to $6,800.

The major support and resistance lines are given below:
Support levels: $6,840 — $7,140
Resistance levels: $7300 — $7500
