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Bitcoin (BTC) Price Correcting Gains: Key Supports Nearby

Bitcoin price traded further higher before it faced sellers near $8,370 against the US Dollar. BTC is currently correcting lower, but dips remain well supported above $7,800 and $7,600.

Yesterday, we discussed the chances of more gains in bitcoin price above $8,300 against the US Dollar. The BTC/USD pair did extend upsides above $8,280 and $8,300. The pair even traded to a new 2019 high near $8,370, but it failed to continue higher. As a result, the price started a fresh downside correction below the $8,300 and $8,280 support levels. The price even broke the $8,200 support, but stayed well above the 100 hourly simple moving average.

During the decline, there was a break below the 50% Fib retracement level of the upside from the $7,625 low to $8,370 high. Besides, the price traded below an ascending channel with support near $8,200 on the hourly chart. It opened the doors for more losses and the price spiked below $8,000. BTC price even traded below the 61.8% Fib retracement level of the upside from the $7,625 low to $8,370 high. However, the $7,800 level acted as a strong support. More importantly, this week’s followed bullish trend line could provide support at $7,800 on the hourly chart of the BTC/USD pair.

The pair tested the trend line and the 76.4% Fib retracement level of the upside from the $7,625 low to $8,370 high. It seems like the price remains well supported above $7,800. If there is a break below the trend line, the price may test the next support near the $7,650, $7,630 and $7,610 levels. Moreover, the 100 hourly SMA is also near the $7,650 level to act as strong support.

Looking at the chart, bitcoin price is clearly started a much needed downside correction from $8,370. Having said that, dips remain supported and the price is likely to finds strong bids near $7,800 or $7,600. Only a close below $7,600 and the 100 hourly SMA might start an extended downside correction.

Technical indicators:

Hourly MACD – The MACD is slowly moving into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD declined sharply below the 50 and 45 levels.

Major Support Levels – $7,800 followed by $7,600.

Major Resistance Levels – $8,000, $8,150 and $8,370.

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