Bitcoin Price Watch: BTC/USD Rebounding Towards $7,850 Barrier

Key Factors

  • Bitcoin value traded to a brand new low at $7,426 and is presently recovering in opposition to the US Greenback.
  • There’s a essential connecting pattern line shaped with assist at $7,350 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair might maybe transfer larger in direction of the $7,850 resistance and the 100 hourly SMA.

Bitcoin value is rebounding from the $7,426 low in opposition to the US Greenback. BTC/USD is prone to right additional larger in direction of the $7,850 resistance within the close to time period.

Bitcoin Price Evaluation

Yesterday, we noticed a serious bearish transfer beneath $7,850 in bitcoin value in opposition to the US Greenback. The BTC/USD pair traded as little as $7,462 and later corrected larger. Nonetheless, upsides have been capped by the $7,600 stage and the worth declined as soon as once more. A brand new low was shaped at $7,426 the place the worth shaped an honest assist for an upward restoration above $7,500.

Extra importantly, there’s a essential connecting pattern line shaped with assist at $7,350 on the hourly chart of the BTC/USD pair. The pair recovered and moved above a bearish pattern line with resistance at $7,580. Furthermore, the worth broke the 23.6% Fib retracement stage of the final drop from the $eight,200 swing excessive to $7,426 low. It looks as if the worth might maybe get better additional in three waves in direction of the $7,850 resistance. Nonetheless, upsides could possibly be capped by the 50% Fib retracement stage of the final drop from the $eight,200 swing excessive to $7,426 low.

Trying on the chart, the worth is prone to face an necessary resistance close to $7,850 and the 100 hourly SMA. There’s additionally a connecting bearish pattern line in place with resistance at $7,840. General, bitcoin value might probably rise above $7,700, nevertheless it might face a robust resistance close to $7,850.

Trying on the technical indicators:

Hourly MACD – The MACD for BTC/USD is positioned properly within the bullish zone.

Hourly RSI (Relative Energy Index) – The RSI is now nicely above the 50 stage.

Main Assist Degree – $7,500

Main Resistance Degree – $7,850

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