- 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 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.
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
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