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Bitcoin Price (BTC) Could Rally Again If It Breaks $7,400

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#1
[color=rgba(0, 0, 0, 0.8)]Key Takeaways: BTC/USD[/color]
  • Bitcoin price declined recently from the $7,864 high against the US Dollar.

  • BTC/USD is following a major bearish trend line with resistance near $7,340 on the 2-hours chart (data feed from Bitstamp).

  • Ethereum is struggling to clear $151.50, but ripple is back above the $0.2205 support.
[color=rgba(0, 0, 0, 0.8)]Bitcoin Price Analysis[/color]
[color=rgba(0, 0, 0, 0.8)]In the past two days, there was a fresh decline in bitcoin price from the $7,864 swing high. BTC to USD traded below a few supports such as $7,660 and $7,440. It opened the doors for more losses below the $7,400 level.[/color]
[color=rgba(0, 0, 0, 0.8)][Image: b3eabdfab6fe06930728f.png][/color]

[color=rgba(0, 0, 0, 0.8)]Looking at the 2-hours chart, bitcoin settled above the $7,340 level and the 50 simple moving average (2-hours, purple). Finally, the price tested the $7,180 support area.[/color]
[color=rgba(0, 0, 0, 0.8)]A low was formed near $7,145 and the price is currently consolidating losses. An immediate resistance is near the $7,320 level. It is near the 23.6% Fib retracement level of the recent decline from $7,864 to $7,145.[/color]
[color=rgba(0, 0, 0, 0.8)]Moreover, bitcoin price is following a major bearish trend line with resistance near $7,340 on the 2-hours chart. If there is an upside break above the $7,340 and $7,400 resistance levels, there could be a decent rise in the coming session.[/color]
[color=rgba(0, 0, 0, 0.8)]The next key resistance is near the $7,505 level and the 50 simple moving average (2-hours, purple). It also coincides with the 50% Fib retracement level of the recent decline from $7,864 to $7,145.[/color]
[color=rgba(0, 0, 0, 0.8)]Any further gains may perhaps push the price towards the $7,660 and $7,700 resistance levels. On the downside, the $7,180 zone is a major support area.[/color]
[color=rgba(0, 0, 0, 0.8)]If there is a downside break below the $7,180 support zone, the price could continue to move down towards the $7,040 support area.[/color]
[color=rgba(0, 0, 0, 0.8)]Overall, bitcoin is trading near a crucial juncture at $7,340 and $7,400. There are positive signs and high chances of a fresh increase above the $7,400 barrier....[/color]
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