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Bitcoin (BTC) Price Near Inflection Point: Fresh Increase Likely

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Bitcoin (BTC) Price Near Inflection Point: Fresh Increase Likely

Bitcoin price declined heavily yesterday and traded close to the $6,650 support against the US Dollar.The price traded as low as $6,645 and it is currently recovering towards the $7,400 level.There is a key bearish trend line forming with resistance at $7,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair needs to clear the $7,400 and $7,512 resistance levels to start a strong upward move.Bitcoin price seems to be forming a new support base above $7,000 against the US Dollar. BTC is likely forming a decent bottom and it could climb higher above $7,400 and $7,500.Bitcoin Price AnalysisYesterday, we saw a Looking at the chart, bitcoin price is currently trading with a positive bias above the $7,000 support. Therefore, there are high chances of a fresh increase above the $7,400 and $7,500 levels. Only a close below $7,000 could increase bearish pressure in the near term.Technical indicators:Hourly MACD – The MACD is back in the bullish zone, with a positive bias.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is moving higher and is currently above the 50 level.Major Support Levels – $7,200 followed by $7,000.Major Resistance Levels – $7,400, $7,512 and $7,720.

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Author: Aayush Jindal

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