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Recently, bitcoin price traded to a new weekly swing low close to $7,500 against the US Dollar. The BTC/USD pair found support near $7,500 and recently started a decent upward move. It broke the $7,600 and $7,700 resistance levels to start a recovery. There was a break above the 50% Fib retracement level of the key drop from the $8,130 high to $7,515 swing low. It opened the doors for more gains above the $7,800 level and the 100 hourly simple moving average.
Moreover, yesterday's highlighted key bearish trend line was breached with resistance near $7,780 on the hourly chart of the BTC/USD pair. The pair even spiked above the $8,000 level, but it failed to gain bullish momentum above the $8,050 level. A swing high was formed near $8,080 and the price is currently consolidating gain. An initial support is near the 23.6% Fib retracement level of the recent wave from the $7,519 swing low to $8,080 high. Besides, there is a short term contracting triangle forming with resistance near $8,050. If there is an upside break, the price could continue to rise in the near term.
Conversely, if there is a downside break below $7,900, the price could test the $7,850 support area. The 100 hourly SMA is also just above $7,850 to act as a support. The next support is close to the $7,800 level. It represents the 50% Fib retracement level of the recent wave from the $7,519 swing low to $8,080 high.
Looking at the chart, bitcoin price is trading with a positive bias above the $7,850 and $7,800. As long as there is no downside break below $7,800, the price might continue to rise. On the upside, a follow through above $8,000 and $8,080 might push the price towards $8,300.
Hourly MACD - The MACD is losing momentum in the bullish zone.
Hourly RSI (Relative Strength Index) - The RSI for BTC/USD is currently moving lower towards the 50 level.
Major Support Levels - $7,850 followed by $7,800.
Major Resistance Levels - $8,000, $8,080 and $8,200.