- Bitcoin price found support near $6,620 after a major decline against the US Dollar.
- Yesterday’s highlighted important bearish trend line was breached with resistance at $6,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is currently correcting higher towards a few important resistances such as $7,000 and $7,200.
Bitcoin price is recovering from the $6,600 support area against the US Dollar. BTC/USD might correct further in the near term, but it could face hurdles around $7,200.
Bitcoin Price Analysis
Yesterday, we saw a major downside move in bitcoin price below the $7,000 handle against the US Dollar. The BTC/USD pair declined towards the $6,600 level and formed a low at $6,628. Later, an upside recovery was initiated and the price corrected above the $6,700 level. It also traded a few points above the 23.6% Fib retracement level of the last decline from the $7,600 swing high to $6,628 low.
Moreover, yesterday’s highlighted important bearish trend line was breached with resistance at $6,700 on the hourly chart of the BTC/USD pair. In the short term, there could be more gains towards the $7,200 level. However, there are many resistances for buyers around the $7,000 and $7,200 levels. The 50% Fib retracement level of the last decline from the $7,600 swing high to $6,628 low is also positioned near $7,170 to prevent gains in the near term. Should there be an upside break above $7,100, the next hurdle could be around the 100 hourly simple moving average.
Looking at the chart, the price is correcting higher, but it could face a lot of hurdles around the $7,200 level. On the downside, supports are seen at $6,700 and $6,600.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is currently moving in the bullish zone with a positive direction.
Hourly RSI (Relative Strength Index) – The RSI managed to move above the 50 level with limited strength.
Major Support Level – $6,600
Major Resistance Level – $7,200
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.