Bitcoin Price Watch: BTC/USD Dips Remain Supported

Key Points

  • Bitcoin price moved higher and broke a major resistance near $7,650 against the US Dollar.
  • Yesterday’s highlighted major bearish trend line with resistance at $7,645 was breached on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair may correct a few points in the short term, but dips remain supported around $7,600.

Bitcoin price is building bullish momentum above $7,600 against the US Dollar. BTC/USD remains buy on dips near the $7,600 and $7,500 support levels.

Bitcoin Price Analysis

The past three sessions were positive as bitcoin price managed to gain traction further above $7,500 against the US Dollar. The BTC/USD pair traded slowly higher and broke a few important hurdles near $7,600 and $7,650. There was a proper close above the $7,600 level and the 100 hourly simple moving average. A high was formed at $7,753 and the price is currently correcting gains.

During the upside, yesterday’s highlighted major bearish trend line with resistance at $7,645 was breached on the hourly chart of the BTC/USD pair. If the price corrects lower from the current level, it may find support above $7,600. On the downside, an initial support is near $7,675, which was a resistance earlier. Below this, the 23.6% Fib retracement level of the last wave from the $7,355 low to $7,753 high. However, the most important support on the downside is near $7,600 and the 100 hourly simple moving average.

Bitcoin Price Analysis BTC USD

Looking at the chart, the price is clearly trading with a bullish bias above $7,600. On the upside, a break above the recent high at $7,753 may perhaps open the doors for a push above $7,800. Above this, the next stop for buyers might be close to the $8,000 level.

Looking at the technical indicators:           

Hourly MACD – The MACD for BTC/USD is now back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is moving nicely and is currently well above 55 level.

Major Support Level – $7,600

Major Resistance Level – $7,750

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 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.

We will be happy to hear your thoughts

Leave a reply