Bitcoin Price Watch: BTC/USD Dips Remain Supported

Key Points

• Bitcoin price moved higher and broke a major resistance near $7,650 against the US Dollar.
• Yesterday’s highlighted major bearish trend line with resistance at $7,645 was breached on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair may correct a few points in the short term, but dips remain supported around $7,600.

Bitcoin price is building bullish momentum above $7,600 against the US Dollar. BTC/USD remains buy on dips near the $7,600 and $7,500 support levels.

Bitcoin Price Analysis

The past three sessions were positive as bitcoin price managed to gain traction further above $7,500 against the US Dollar. The BTC/USD pair traded slowly higher and broke a few important hurdles near $7,600 and $7,650. There was a proper close above the $7,600 level and the 100 hourly simple moving average. A high was formed at $7,753 and the price is currently correcting gains.

During the upside, yesterday’s highlighted major bearish trend line with resistance at $7,645 was breached on the hourly chart of the BTC/USD pair. If the price corrects lower from the current level, it may find support above $7,600. On the downside, an initial support is near $7,675, which was a resistance earlier. Below this, the 23.6% Fib retracement level of the last wave from the $7,355 low to $7,753 high. However, the most important support on the downside is near $7,600 and the 100 hourly simple moving average.

Looking at the chart, the price is clearly trading with a bullish bias above $7,600. On the upside, a break above the recent high at $7,753 may perhaps open the doors for a push above $7,800. Above this, the next stop for buyers might be close to the $8,000 level.

Looking at the technical indicators:           

Hourly MACD – The MACD for BTC/USD is now back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is moving nicely and is currently well above 55 level.

Major Support Level – $7,600

Major Resistance Level – $7,750