Bitcoin Price Watch: BTC/USD Primed for Gains 2018-05-31

Aayush Jindal

1 year ago

2 mins read

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Key Points

Bitcoin price corrected lower recently and found support near the $7,250 level against the US Dollar.
There is a major bullish trend line forming with support at $7,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair looks set for more gains in the near term if it succeeds in breaking the $7,640 resistance.

Bitcoin price is moving nicely above $7,400 against the US Dollar. BTC/USD must clear the $7,600 and $7,640 resistances for an upside acceleration.

Bitcoin Price Analysis

After trading above the $7,500 level, bitcoin price faced sellers near the $7,550 level against the US Dollar. The BTC/USD pair started a downside correction and traded below the $7,400 and $7,350 levels. It also declined below the 23.6% Fib retracement level of the last wave from the $7,050 low to $7,550 high. However, the downside move was protected by the $7,250 support and the 100 hourly simple moving average.

A fresh upside wave was initiated and the price jumped back above the $7,400 level. It also cleared the 76.4% Fib retracement level of the last drop from the $7,565 high to $7,262 low. It seems like the price may continue to move higher and it could accelerate above the $7,600 level. It has to break the 1.236 Fib extension level of the last drop from the $7,565 high to $7,262 low at $7,640 for more gains. On the downside, there is a major bullish trend line forming with support at $7,400 on the hourly chart of the BTC/USD pair.

Looking at the chart, the price is clearly in a bullish zone above $7,400. A successful break and close above the $7,640 resistance may perhaps call for a push towards the $7,800 level.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is heading higher into the overbought levels.

Major Support Level – $7,400

Major Resistance Level – $7,640

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
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