Bitcoin Price Watch: Can BTC/USD Hold This?

Key Factors

  • Bitcoin value is consolidating beneath a key resistance at $7,555 in opposition to the US Greenback.
  • There’s a connecting bullish pattern line forming with assist at $7,390 on the hourly chart of the BTC/USD pair (information feed from Kraken).
  • A break beneath $7,380 might set off a significant downward correction in direction of $7,100.

Bitcoin value is discovering it exhausting to maneuver previous $7,555 and $7,575 in opposition to the US Greenback. BTC/USD should keep above $7,380 to keep away from a draw back response.

Bitcoin Price Evaluation

Bitcoin value principally traded in a spread above close to the $7,400 degree in opposition to the US Greenback. The BTC/USD pair appears to be struggling to clear the $7,555 and $7,575 resistance ranges. It already examined the 38.2% Fib retracement degree of the final leg from the $6,668 low to $7,605 excessive. Nonetheless, declines had been protected and consumers stopped declines beneath $7,250.

At current, there’s a connecting bullish pattern line forming with assist at $7,390 on the hourly chart of the BTC/USD pair. The pair should keep above the pattern line and $7,380 assist. If it fails to carry these, there could possibly be a pointy draw back response in direction of the $7,140 assist. It represents the 50% Fib retracement degree of the final leg from the $6,668 low to $7,605 excessive. Furthermore, the 100 hourly easy transferring common is positioned close to the $7,120 degree to behave as a powerful assist.

Trying on the chart, the worth is generally consolidating, however it appears to be dropping momentum above $6,400. Subsequently, there’s a danger of a draw back break in direction of $7,250 and $7,140. If it succeeds in holding the pattern line assist, it might try to interrupt the $7,555 resistance. Above this, bitcoin could nicely speed up features above the final swing excessive at $7,605.

Trying on the technical indicators:

Hourly MACD – The MACD for BTC/USD is generally flat within the bullish zone.

Hourly RSI (Relative Power Index) – The RSI is simply above the 50 degree with a number of bearish indicators.

Main Help Stage – $7,380

Main Resistance Stage – $7,555

About Tom Greenly

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