Analysis Technical

Bitcoin Price Watch: BTC/USD Eyes Recovery Towards $7,100

Aayush Jindal | August 7, 2018 | 8:48 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC/USD Eyes Recovery Towards $7,100

Aayush Jindal | August 7, 2018 | 8:48 am

Key Points

  • Bitcoin price declined to a fresh weekly low at $6,834 and later recovered against the US Dollar.
  • There is a key connecting bearish trend line formed with resistance near $6,960 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is currently trading with a positive angle and it could recover above $7,000 and $7,050.

Bitcoin price is under pressure below $7,120 against the US Dollar. However, BTC/USD may perhaps correct higher in the short term towards $7,050 and $7,100.

Bitcoin Price Analysis

After a correction above the $7,120 level, bitcoin price a strong resistance near $7,160 against the US Dollar. The BTC/USD pair started a downward move and broke the $7,050 and $7,000 support levels. The decline was such that the price even broke the $6,884 low. A new weekly low was formed at $6,834 before buyers appeared. The price recovered above $6,900 and the 23.6% Fib retracement level of the last decline from the $7,163 high to $6,834 low.

At the moment, the price is attempting to clear the $6,960 and $7,000 resistances. There is also a key connecting bearish trend line formed with resistance near $6,960 on the hourly chart of the BTC/USD pair. Should there be a close above the $7,000 resistance, the price may test the $7,080 level. It represents the 76.4% Fib retracement level of the last decline from the $7,163 high to $6,834 low. Above this, a crucial resistance awaits near $7,120 and the 100 hourly simple moving average. A successful close above $7,120 may well open the doors for more upsides in the near term.

Bitcoin Price Analysis BTC

Looking at the chart, BTC price is trading in a bearish zone, but short-term recoveries are possible above $7,000. On the downside, a break below $6,850 might clear the path for a push towards $6,500.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly moving in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is positioned just above the 50 level.

Major Support Level – $6,850

Major Resistance Level – $7,120

Tags: , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Casinos

Choose from the best UK casinos
and enjoy the fun!

Read More  ›

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