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technical analysis bitcoin cash

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

Aayush Jindal by Aayush Jindal
5 years ago
in Technical analysis
Reading Time: 2 mins read

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.

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. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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