After a decent upside move, bitcoin price faced a lot of offers near the $7,750 level against the US Dollar. The BTC/USD pair formed a short-term top near $7,748 and started a downside correction. It declined and moved below the 23.6% Fibonacci retracement level of the last wave from the $7,350 low to $7,748 high.
There seems to be a minor increase in selling pressure below the $7,700 level.
More importantly, there was a break below a major connecting bullish trend line with support at $7,640 on the hourly chart of the BTC/USD pair.
The pair is currently trading above the $7,600 support and the 100 hourly simple moving average.
Moreover, the 38.2% Fibonacci retracement level of the last wave from the $7,350 low to $7,748 high is also around the $7,600 support. Should there be a bearish break below the $7,600 support, the price could extend declines towards the $7,500 level.
The Btc price is facing a bearish trend line on the upside with resistance at $7,680. A successful break and close above the trend line and $7,700 may perhaps clear the path for more gains in the near term.
There seems to be a minor increase in selling pressure below the $7,700 level.
More importantly, there was a break below a major connecting bullish trend line with support at $7,640 on the hourly chart of the BTC/USD pair.
The pair is currently trading above the $7,600 support and the 100 hourly simple moving average.
Moreover, the 38.2% Fibonacci retracement level of the last wave from the $7,350 low to $7,748 high is also around the $7,600 support. Should there be a bearish break below the $7,600 support, the price could extend declines towards the $7,500 level.
The Btc price is facing a bearish trend line on the upside with resistance at $7,680. A successful break and close above the trend line and $7,700 may perhaps clear the path for more gains in the near term.