- Bitcoin price formed a support base near $7,350 and recovered nicely against the US Dollar.
- There is a key connecting bearish trend line in place with resistance at $7,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair has to move past the $7,650 and $7,680 resistance levels to gain traction.
Bitcoin price is showing positive signs above $7,500 against the US Dollar. BTC/USD must clear the $7,650 barrier for more gains in the near term.
Bitcoin Price Analysis
Yesterday, we saw a bearish wave below the $7,400 level in bitcoin price against the US Dollar. The BTC/USD pair traded as low as $7,369 before buyers appeared. A base was formed near $7,350 before the price started an upside move. It traded higher and broke the $7,450 level along with the 38.2% Fib retracement level of the last downside move from the $7,780 swing high to $7,350 swing low.
The price also succeeded in settling above the $7,500 resistance and the 100 hourly simple moving average. Later, there was a close above the 50% Fib retracement level of the last downside move from the $7,780 swing high to $7,350 swing low. However, the price is currently struggling to clear the $7,650 resistance. There is also a key connecting bearish trend line in place with resistance at $7,650 on the hourly chart of the BTC/USD pair. Therefore, a close above the $7,650 resistance is needed for an upside acceleration towards $7,800.
Looking at the chart, the current price action is positive, but a proper break above $7,650 is needed for buyers to take control. On the downside, an initial support is around $7,500, followed by $7,400. Below this last, the price may perhaps retest the $7,350 support.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD has reduced most of its bullish slope.
Hourly RSI (Relative Strength Index) – The RSI is now placed well above the 55 level.
Major Support Level – $7,400
Major Resistance Level – $7,650
See Original Post
Author: Aayush Jindal
Disclaimer: The Top Crypto Feed website is a crypto news portal, financial discussion forum, and content curator/aggregator. Articles on TopCryptoFeed.com are provided for entertainment and informational purposes only. We are not an investment advisor and do not provide financial advice.
We can’t always review and verify all articles posted on Top Crypto Feed. Please independently research and verify any information found here before relying on it as fact. It’s also important to do proper due diligence and analysis, including consulting a professional financial advisor, before making any decision regarding investments or your personal finances. No content on Top Crypto Feed constitutes a recommendation to enter in any type of investment or to engage in any investment strategy presented on this website.