RATE Group | Bitcoin Price Watch: BTC/USD Correcting Gains After Hitting $7,300 Target
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Bitcoin Price Watch: BTC/USD Correcting Gains After Hitting $7,300 Target

03 Sep Bitcoin Price Watch: BTC/USD Correcting Gains After Hitting $7,300 Target

Posted at 10:51h in Bitcoin News by

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Key Points

  • Bitcoin price traded higher and moved above the $7,300 resistance area against the US Dollar.
  • There was a break below a key bullish trend line with support at $7,260 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to correct lower further as long as there is no close above the $7,300 resistance.

Bitcoin price climbed further higher above $7,200 against the US Dollar. BTC/USD traded above the $7,300 target and it is currently correcting lower.

Bitcoin Price Analysis

In the weekly analysis, we discussed that bitcoin price could hit the $7,300 level against the US Dollar. The BTC/USD pair did move higher and broke the $7,200 resistance to test the $7,300 level. It even broke the $7,300 level and traded as high as $7,332. The price is currently correcting lower from the $7,332 high, but it remains well above the 100 hourly simple moving average.

It recently broke the 23.6% Fib retracement level of the last leg from the $7,033 low to $7,332 high….

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