- Bitcoin price is consolidating gains above the $7,400 and $7,295 support levels against the US Dollar.
- The price is likely to accelerate higher once it clears the $7,600 and $7,700 resistance levels.
- There is a key declining channel forming with resistance near $7,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair remains well supported on dips near the $7,400 and $7,300 levels in the near term.
Bitcoin price is likely forming a bullish pattern above $7,400 against the US Dollar. BTC could soon rally towards $8,000 or $8,200 once it clears the $7,700 resistance region.
Bitcoin Price Analysis
Yesterday, bitcoin climbed above the key $7,300 and $7,400 resistance levels against the US Dollar. Moreover, there was a close above the $7,400 level and the 100 hourly simple moving average.
It opened the doors for more gains above the $7,500 level. Finally, the price tested the next key resistance near $7,700 (as pointed out in the weekly forecast). A high was formed near $7,676 and the price is currently correcting lower.However, the $7,400 support area seems to be acting as a strong buy zone. If there is a break below the $7,400 support, the price could test the $7,300 and $7,295 support levels.
The next key support is near the $7,260 level and the 100 hourly simple moving average. It coincides with the 50% Fib retracement level of the upward wave from the $6,855 swing low to $7,676 high.
