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technical analysis bitcoin

Bitcoin Price Watch: Here is Why BTC/USD Remains in Uptrend

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

Key Points

  • Bitcoin price corrected lower after setting a new weekly high around $7,130 against the US Dollar.
  • Yesterday’s discussed significant bullish trend line is intact with support at $6,920 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains well supported near the $6,920 and $6,850 levels in the near term.

Bitcoin price dipped a few points to test the $6,920 support against the US Dollar. BTC/USD remains in uptrend as long as it is above $6,775.

Bitcoin Price Analysis

Yesterday, we saw a sharp bullish wave above the $7,000 resistance in bitcoin price against the US Dollar. The BTC/USD pair traded as high as $7,131 and later started a downside correction. It declined below the $7,025 support and started trading in a range. There was a break below the 23.6% Fib retracement level of the last rise from the $6,709 low to $7,131 high.

There was even a spike below the $7,000 and $6,950 levels. However, the 50% Fib retracement level of the last rise from the $6,709 low to $7,131 high acted as a strong support. There was no close below the $6,920 support and the 50% Fib level. More importantly, yesterday’s discussed significant bullish trend line is intact with support at $6,920 on the hourly chart of the BTC/USD pair. Below the trend line, the 100 hourly simple moving average is positioned near the $6,870 level. However, the main support for the current trend is $6,775, which was a resistance earlier.

Bitcoin Price Analysis BTC USD

Looking at the chart, bitcoin seems to be very well supported near the $6,950, $6,870 and $6,775 levels. On the upside, the price has to clear the $7,025 and $7,080 resistance to challenge the $7,131 high. Finally, a break above $7,130-50 could set the pace for a test of $7,250.

Looking at the technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI is bouncing back from the 40 level.

Major Support Level – $6,920

Major Resistance Level – $7,080

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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