Bitcoin Price Watch: BTC/USD About to Explode

Key Points

  • Bitcoin price is still struggling to break the $7,580 and $7,600 resistance levels against the US Dollar.
  • Yesterday’s highlighted important bullish trend line is in place with support at $7,450 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is about to make the next move either above $7,600 or below $7,400 in the near term.

Bitcoin price is approaching a crucial break against the US Dollar. BTC/USD breakout levels are $7,600 on the upside and $7,400 on the downside.

Bitcoin Price Analysis

There were mostly ranging moves above $7,400 in bitcoin price during the past two sessions against the US Dollar. The BTC/USD pair struggled to break the $7,580 and $7,600 resistance levels. As a result, there was a minor downside reaction from the recent high of $7,602. There was a break below the 23.6% Fib retracement level of the last leg from the $7,260 low to $7,602 high.

However, the decline was limited by the $7,400 support area. More importantly, yesterday’s highlighted important bullish trend line with current support at $7,450 held declines on the hourly chart of the BTC/USD pair. Additionally, the 50% Fib retracement level of the last leg from the $7,260 low to $7,602 high protected losses below the $7,400 support. The pair is on the move again and it retested the $7,580 and $7,600 resistance levels. Both the mentioned levels are important barriers and preventing gains above $7,650.

Looking at the chart, the price seems to be approaching a crucial break either above $7,600 or below $7,400. On the upside, a break and close above $7,600 could set the pace for a push towards $7,800 and $8,000. On the flip side, a break below $7,400 may perhaps take the price to $7,260.

Looking at the technical indicators:              

Hourly MACD – The MACD for BTC/USD is about to move back in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is heading higher towards the 60 level.

Major Support Level – $7,400

Major Resistance Level – $7,600

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