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Key Points
- The bitcoin price has recovered and has moved above the $ 7,000 commitment against the US dollar.
- C & # 39; is a bearish trend line in place with resistance to $ 7,260 on the hourly chart of the BTC / USD pair (data feed from Kraken).
- The pair must overcome the obstacle of $ 7,260 and the simple moving average of 100 hours for further gains.
The bitcoin price is slowly recovering over $ 7,000 against the US dollar. BTC / USD should tap significant resistance at $ 7,260.
Bitcoin price analysis
After heavy downturns, the price of the bitcoin found offers close to the $ 6.880 level against the US dollar. The BTC / USD pair traded at $ 6,883 and then started an upward correction. The price has moved above the fiber retracement level of 23.6% of the last slide, from a maximum of 7.532 to a minimum of $ 6.883. More importantly, there was a break above the $ 7,000 handle, which opened the door to further recoveries.
At the moment, the price is struggling to clear the $ 7.130 level and is consolidating in a range. Above $ 7.130, there is significant resistance formed near $ 7.260. There is also a fundamental bearish trend line in place with resistance at $ 7,260 on the hourly chart of the BTC / USD pair. An intermediate resistance is the fiber retracement level at 50% of the last slide, from 7,532 up to $ 6,883 down to $ 7,207. In addition, the same trend line is positioned with the SMA at 100 hours at $ 7,270. Therefore, there are many resistors aligned between $ 7.210 and $ 7.270.
Looking at the chart, the price of BTC could perhaps go over $ 7.130. However, it will not be easy for bitcoin buyers to clear the $ 7,260 barrier. On the downside, initial support is $ 7,000. Below this, the price could return to $ 6,800.
Looking at the technical indicators:
MACD timetable – The MACD for BTC / USD is positioned well in the bullish zone.
RSI Time (Relative Strength Index) – The RSI is positioned above level 50.
Major Support Level – $ 7,000
Main resistance level – $ 7.260
