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Home Technical analysis

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

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

  • Bitcoin price extended downside correction and tested the key support at $6,775 against the US Dollar.
  • This week’s followed major bullish trend line was breached with support at $6,930 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair bounced back sharply after testing $6,775 and it could revisit the recent high in the near term.

Bitcoin price decline was contained by $6,775 against the US Dollar. BTC/USD is still in a positive zone and it may soon climb back towards $7,120 and $7,200.

Bitcoin Price Analysis

Yesterday, we saw the start of a downside correction from the $7,130 swing high in bitcoin price against the US Dollar. The BTC/USD pair declined and broke the $6,920 and $6,920 support levels. There was even a spike below the $6,800 level and the 100 hourly simple moving average. Additionally, the price cleared the 50% Fib retracement level of the last upward move from the $6,710 low to $7,130 swing high.

More importantly, this week’s followed major bullish trend line was breached with support at $6,930 on the hourly chart of the BTC/USD pair. However, bitcoin buyers took a stand near the $6,775 support area, which was a resistance earlier. The price reacted very aggressively and bounced back above the $6,900 level. It even climbed back above the $6,920 level and the 100 hourly SMA. Buyers pushed the price above a bearish trend line and the $6,950 resistance. Lastly, there was a break above the 50% Fib retracement level of the recent slide from the $7,119 high to $6,778 low.

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Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin recovered nicely from the $6,778 low and is currently trading with a bullish angle. It seems like the price may revisit the $7,130 high as long as the $6,775 support is intact. Above $7,130, the next resistances are $7,200 and $7,250.

Looking at the technical indicators:

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

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

Major Support Level – $6,850

Major Resistance Level – $7,130

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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