RATE Group | Bitcoin Price Watch: BTC/USD Correcting Gains
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Bitcoin Price Watch: BTC/USD Correcting Gains

19 Jul Bitcoin Price Watch: BTC/USD Correcting Gains

Posted at 10:11h in Bitcoin News by

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Key Points

  • Bitcoin price started a downward correction after trading as high as $7,605 against the US Dollar.
  • There was a break below a key ascending channel with support at $7,420 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The BTC/USD pair may perhaps correct further lower towards the $7,200 and $7,120 support levels.

Bitcoin price struggled near the $7,580 level against the US Dollar. BTC/USD is correcting lower, but it remains supported above the $7,100 level.

Bitcoin Price Analysis

Bitcoin price traded a few points above the $7,550 resistance against the US Dollar. The BTC/USD pair tested the $7,600 area where sellers prevented further upsides. A high was formed at $7,605 before the price started a downside correction. It declined below the $7,400 support to move into a short-term bearish zone. During the decline, there was a break below the 23.6% Fib retracement level of the last wave from the $6,673 low to $7,605 high.

Additionally, there was a break below a…

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