Bitcoin Price Watch: BTC/USD Correcting Gains After Hitting $7,300 Target
- Bitcoin price traded higher and moved above the $7,300 resistance area against the US Dollar.
- There was a break below a key bullish trend line with support at $7,260 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to correct lower further as long as there is no close above the $7,300 resistance.
Bitcoin price climbed further higher above $7,200 against the US Dollar. BTC/USD traded above the $7,300 target and it is currently correcting lower.
Bitcoin Price Analysis
In the weekly analysis, we discussed that bitcoin price could hit the $7,300 level against the US Dollar. The BTC/USD pair did move higher and broke the $7,200 resistance to test the $7,300 level. It even broke the $7,300 level and traded as high as $7,332. The price is currently correcting lower from the $7,332 high, but it remains well above the 100 hourly simple moving average.
It recently broke the 23.6% Fib retracement level of the last leg from the $7,033 low to $7,332 high. More importantly, there was a break below a key bullish trend line with support at $7,260 on the hourly chart of the BTC/USD pair. The pair tested the $7,180 support and 50% Fib retracement level of the last leg from the $7,033 low to $7,332 high. It is currently finding bids above the $7,200 level and is moving higher. However, the broken trend line and support near the $7,300 level is likely to act as a resistance. If the price fails to surpass the $7,300 level, it could correct further lower towards the $7,110 support zone.
Looking at the chart, bitcoin is placed nicely above the $7,110 support area. There could be a few swing moves, but the price could later trade above the $7,300 and $7,332 levels in the near term.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is currently in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is just above the 50 level.
Major Support Level – $7,180
Major Resistance Level – $7,300
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