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Home Technical analysis

Bitcoin Price Watch: BTC/USD Correcting Gains

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
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Key Points

  • Bitcoin price started a downward correction after trading as high as $7,605 against the US Dollar.
  • There was a break below a key ascending channel with support at $7,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The BTC/USD pair may perhaps correct further lower towards the $7,200 and $7,120 support levels.

Bitcoin price struggled near the $7,580 level against the US Dollar. BTC/USD is correcting lower, but it remains supported above the $7,100 level.

Bitcoin Price Analysis

Bitcoin price traded a few points above the $7,550 resistance against the US Dollar. The BTC/USD pair tested the $7,600 area where sellers prevented further upsides. A high was formed at $7,605 before the price started a downside correction. It declined below the $7,400 support to move into a short-term bearish zone. During the decline, there was a break below the 23.6% Fib retracement level of the last wave from the $6,673 low to $7,605 high.

Additionally, there was a break below a key ascending channel with support at $7,420 on the hourly chart of the BTC/USD pair. The pair tested the $7,250 level and 38.2% Fib retracement level of the last wave from the $6,673 low to $7,605 high. At the moment, the price is consolidating above the $7,250 level. If the price declines further, it could test the $7,140 support, which is the 50% Fib retracement level. Further below this, the price may well accelerate correction towards the $7,000 support.

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Bitcoin Price Analysis BTC USD

Looking at the chart, the price is currently struggling to gain momentum above $7,400. Therefore, there is a risk of a downside push, but bitcoin is likely to find buyers near $7,140 and $7,100. On the upside, a break above $7,400 will likely push the price back towards the $7,580 resistance.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is holding the 50 level.

Major Support Level – $7,140

Major Resistance Level – $7,580

Tags: Bitcoin Analysisbitcoin priceBitcoin price analysisBitcoin price chartbitcoin technical analysisbtcbtcusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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