Bitcoin gained traction and settled above the $7,000 resistance against the US Dollar. BTC price is consolidating gains above the 100 hourly SMA and likely to grind higher towards $7,500. Bitcoin is rising steadily and it is positioned nicely above $7,000 against the US Dollar. There is a strong support base forming near the $7,050 and $7,000 levels. There is a major bullish trend line forming with support near $7,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue higher towards $7,500 as long as it is above the 100 hourly SMA. Bitcoin Turns Green After a successful break above the $6,800 resistance, bitcoin price gained bullish momentum against the US Dollar. BTC extended its rise above the $7,000 resistance and the 100 hourly simple moving average. It even surpassed the $7,200 resistance and traded as high as $7,302 before starting a downside correction. The bears were able to push the price below the $7,100 level, but the bulls were able to protect the $7,050 region. Bitcoin formed a low at $7,066 and remained stable above the 100 hourly simple moving average. It seems like there is a strong support base forming near the $7,050 level. Moreover, there is a major bullish trend line forming with support near $7,100 on the hourly chart of the BTC/USD pair. Bitcoin Price The price is currently rising and trading near the 50% Fib retracement level of the recent decline from the $7,302 high to $7,066 low. An immediate resistance on the upside is near the $7,215 and $7,220 levels. The first key hurdle is near the $7,250 level or the 76.4% Fib retracement level of the recent decline from the $7,302 high to $7,066 low. A successful break above the $7,250 level could open the doors for more upsides towards the $7,300 and $7,400 levels. The next major resistance is near the $7,500 level. Key Breakdown Zone On the downside, there is a major support near the $7,050 level and the 100 hourly SMA. If bitcoin fails to stay above the $7,050 and $7,000 support levels, it could start a fresh decline. A successful close below the $7,000 support level might lead the price towards the $6,800 support area in the near term. Technical indicators: Hourly MACD – The MACD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently just above the 50 level. Major Support Levels – $7,050 followed by $7,000. Major Resistance Levels – $7,250, $7,300 and $7,500.
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