Bitcoin Price Watch: BTC/USD Recovers Sharply, Could Retest $7,120

Key Factors

  • Bitcoin worth prolonged draw back correction and examined the important thing assist at $6,775 in opposition to the US Greenback.
  • This week’s adopted main bullish development line was breached with assist at $6,930 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair bounced again sharply after testing $6,775 and it may revisit the current excessive within the close to time period.

Bitcoin worth decline was contained by $6,775 in opposition to the US Greenback. BTC/USD continues to be in a constructive zone and it could quickly climb again in the direction of $7,120 and $7,200.

Bitcoin Price Evaluation

Yesterday, we noticed the beginning of a draw back correction from the $7,130 swing excessive in bitcoin worth in opposition to the US Greenback. The BTC/USD pair declined and broke the $6,920 and $6,920 assist ranges. There was even a spike beneath the $6,800 degree and the 100 hourly easy shifting common. Moreover, the value cleared the 50% Fib retracement degree of the final upward transfer from the $6,710 low to $7,130 swing excessive.

Extra importantly, this week’s adopted main bullish development line was breached with assist at $6,930 on the hourly chart of the BTC/USD pair. Nevertheless, bitcoin patrons took a stand close to the $6,775 assist space, which was a resistance earlier. The value reacted very aggressively and bounced again above the $6,900 degree. It even climbed again above the $6,920 degree and the 100 hourly SMA. Consumers pushed the value above a bearish development line and the $6,950 resistance. Lastly, there was a break above the 50% Fib retracement degree of the current slide from the $7,119 excessive to $6,778 low.

Trying on the chart, bitcoin recovered properly from the $6,778 low and is at the moment buying and selling with a bullish angle. It looks like the value could revisit the $7,130 excessive so long as the $6,775 assist is unbroken. Above $7,130, the subsequent resistances are $7,200 and $7,250.

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 again above the 50 degree.

Main Assist Stage – $6,850

Main Resistance Stage – $7,130

About Tom Greenly

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