- Bitcoin price declined further and traded below the $7,500 support level against the US Dollar.
- There was a break below a declining channel with support at $7,365 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is finding a strong buying interest near $7,250, which could ignite an upward move.
Bitcoin price declined towards the $7,250 support against the US Dollar. BTC/USD could recover if buyers manage to keep the price above $7,250.
Bitcoin Price Analysis
There were further slides noted underneath the $7,650 level in bitcoin cost against the US Dollar. The BTC/USD combine declined and broke the $7,500 and $7,450 bolster levels. It appears as though purchasers neglected to keep the cost over the $7,500 bolster, which could be a fleeting bearish flag. Amid the decay, there was a break beneath a declining channel with help at $7,365 on the hourly outline.
The cost exchanged near the $7,250 bolster and framed a low at $7,258. Right now, the cost is solidifying increases above $7,255 with positive signs. It is presently trying the broken channel bolster at $7,365. The 23.6% Fib retracement level of the last decay from the $7,705 swing high to $7,258 low is additionally close $7,370. Over this, the cost is probably going to over the $7,400 level. The following key obstruction is close $7,500 and a bearish pattern line on a similar diagram. In addition, the half Fib retracement level of the last decay from the $7,705 swing high to $7,258 low is at $7,483. In this way, there could be a dismissal close to the $7,500 level.
Looking at the chart, there is an RSI divergence forming, which is signaling a larger upward move above $7,400. Therefore, as long as the price stays above the $7,258 low, it is likely to bounce back above $7,500.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is currently in the bullish zone.
Hourly RSI (Relative Strength Index) – The RSI is recovering from the 30 level.
Major Support Level – $7,258
Major Resistance Level – $7,500