• Bitcoin price started an upside correction from the $6,515 low against the US Dollar.
  • The price is currently trading near the main $7,240 and $7,370 resistance levels.
  • There is a major bearish trend line forming with resistance near $7,160 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
  • The pair is likely to struggle near the $7,240, $7,370 and $7,515 resistance levels.

Bitcoin price is approaching a major breakout resistance near $7,370 against the US Dollar. BTC could either rally above $7,500 or start a fresh decline below $6,900.

Bitcoin Price Analysis

This past week, we saw a nasty dip in bitcoin price from well above $7,500 against the US Dollar. BTC broke many supports near $7,200 and $7,000 to move further into a bearish zone.

Moreover, there was a close below the $7,000 level and the 55 simple moving average (4-hours). Finally, the price traded to a new monthly low at $7,515 and recently started an upside correction.

It broke the $6,800 and $7,000 resistance levels to start the current recovery. Besides, bitcoin price traded above the 23.6% Fib retracement level of the recent decline from the $8,220 high to $7,515 low.

However, the price struggled to break a crucial resistance area near the $7,370 level. It also coincides with the 50% Fib retracement level of the recent decline from the $8,220 high to $7,515 low.

More importantly, there is a major bearish trend line forming with resistance near $7,160 on the 4-hours chart of the BTC/USD pair. Above the trend line resistance, the next hurdle is near the $7,515 level and the 55 simple moving average (4-hours).

Besides, the 61.8% Fib retracement level of the recent decline from the $8,220 high to $7,515 low is also near the $7,565 level. Therefore, the price needs to climb above the $7,370 and $7,565 resistance levels to move into a positive zone.

Conversely, the price could struggle to recover above $7,370 and $7,515. In the mentioned case, the price is likely to resume its decline below the $7,000 and $6,900 levels. The main support is near $6,800, below which the price will most likely tumble below the $6,500 level.

Bitcoin Price

Bitcoin Price

Looking at the chart, bitcoin price is clearly approaching a few important breakout resistances near $7,370 and $7,515. A failure to climb above the $7,515 level could initiate another major decline in the coming sessions.

Technical indicators

4 hour MACD – The MACD is slowly losing momentum in the bullish zone.

4 hour RSI (Relative Strength Index) – The RSI is currently struggling near the 50 level and is moving lower.

Key Support Levels – $6,800 and $6,500.

Key Resistance Levels – $7,370, $7,515 and $7,565.

Tags: ,

Leave a Reply

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.