Bitcoin has established an uptrend while? price continues to produce higher highs and higher lows. Bigger high at $7430 was tested relating to the 2nd of September, where it rejected the 38.2% Fibonacci retracement level.
It is actually possible that Bitcoin will type in the short term consolidation phase, especially considering recent growth. Well then, price might start ranging between $7400 resistance and $7050 support areas.
Both of levels have to be watched to your breakout. If BTC/USD breaks while using the daily close on top of the $7430, the uptrend continuation results in being very likely, pushing the cost towards the $10k psychological resistance. On the contrary, if price breaks and closes in the $7050 support, further corrective move down should follow.
There are some Fibonacci support levels to watch after in case the correction will become. First is $6800 area, a very good support confirmed by two Fibs. Second is $6650, third is $6460 and final support is so visible at $6200 area.