Bitcoin Price Watch: BTC/USD’s Resistance Turned Support

Key Points

• Bitcoin price climbed further higher and tested the $7,400 resistance area against the US Dollar.
• There is a major ascending channel in place with support at $7,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).
• The pair could dip a few points, but the previous resistance near $7,300-25 is likely to hold losses.

Bitcoin price traded to a new weekly high near $7,405 against the US Dollar. BTC/USD is correcting lower, but dips near $7,290 and $7,325 remain supported.

Bitcoin Price Analysis

In the weekly analysis, we discussed two possible targets for bitcoin price (7,300 and $7,400) against the US Dollar. The BTC/USD pair traded higher recently and both 7,300 and $7,400 targets were achieved. Recently, the price broke the key resistance at $7,325 and made a nice upside move. It traded above the last swing high and climbed to a new weekly high at $7,406.

Later, the price started a downside correction and declined below $7,350. The price also moved below the 23.6%…