Bitcoin Price Analysis: BTC/USD Could Correct To $7,060

bitcoin price analysis

Bitcoin Price Analysis: BTC/USD Could Correct To $7,060

Bitcoin price climbed higher and traded above the $7,250 resistance against the US Dollar. BTC/USD started a downside correction and it could test the $7,060 support.

Important points

  • Bitcoin climbed higher nicely before topping near the $7,345 level.
  • BTC/USD broke a key ascending channel with support near the $7,250 level on the 2-hour chart.
  • BTC price has likely completed an upward wave and it could now correct to $7,100 or $7,060 in the near term.

Bitcoin price analysis

Bitcoin price remained in a nice uptrend over the weekend as it traded above the $7,120 and $7,250 resistance levels against the US Dollar. BTC/USD traded as high as $7,345 before buyers exhausted and the price corrected lower.

The 2-hours chart of BTC price indicates that the price has likely completed an upward wave from the $6,787 low near the $7,345 level. It started a downside correction and broke the previous resistance turned support at $7,250.

bitcoin price analysis
Chart sourced by TradingView, Binance

More importantly, there was a break below a key ascending channel with support near the $7,250 level. The price tested the 23.6% Fibonacci retracement level of the last wave from the $6,787 low to $7,345 high, which acted as a support.

The price stayed above the $7,213 level and is currently trading in a range. It seems like the price is now in a short-term bearish zone below $7,280 and it could continue to move down.

Should there be a break below the $7,213 support level, the price is likely to drop towards the next support near the $7,100 zone, which was the previous crucial resistance.

In the mentioned case, there is even chance of bitcoin testing the 50% Fibonacci retracement level of the last wave from the $6,787 low to $7,345 high at $7,066, which is the next strong support for buyers.

On the other hand, if the price trades higher, it must clear the $7,295 resistance and a bearish trend line on the same chart. A proper close above the trend line will most likely push bitcoin price to a monthly high above the recent high of $7,345.

Also, read: Reactivated SilkRoad Wallet Transfers $100mn to Bitfinex & Binance, Bitcoin Price Pumping Up

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Bitcoin Price Analysis: BTC/USD Could Correct To $7,060
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Bitcoin price climbed higher and traded above the $7,250 resistance against the US Dollar. BTC/USD started a downside correction and it could test the $7,060 support.
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COINGAPE
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Latika Mehrotra 53 Articles

Passionate about technology and science. Pursuing Doctorate in the field of Data Mining, Professor by profession and loves writing interesting articles about Cryptocurrencies, bitcoin, Ethereum, ripple, Forex and commodities. Reach out to her [email protected]

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