Two days ago, in our previous analysis, we’ve mentioned the triangle formation. As you may notice, Bitcoin had breached the triangle towards the bull side, what produced a nice green candle with a decent volume of buyers, breaking the moving average 50 days (the purple line). The fundamental reason, or trigger, was that the New York’s Department of Financial Services had granted Square a virtual currency license.

During recent hours, Bitcoin has been consolidating around the resistance level of $6,700. From here, next resistance level lays at $7,000 and $7,300 (MA-200 line, marked in gray). RSI is at its highest values, so Bitcoin might need some air before continue up. From the bear side, support level at $6,600 and $6,400.

BTC/USD BitFinex 4 Hours chart

Cryptocurrency charts by TradingView