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Bitcoin is showing a few recovery signs above the $6,760 support against the US Dollar. However, BTC price is still trading below a key bearish trend line and $7,000.

In the past three sessions, bitcoin bulls remained active above the $6,600 and $6,700 levels against the US Dollar. BTC price managed to settle above the $6,760 pivot zone and recently settled above the 100 hourly simple moving average.

There was a close above the 50% Fib retracement level of the main decline from the $7,218 swing high to $6,557 swing low. The price made an attempt to climb above the $6,950 and $7,000 resistance levels, but it failed.

It seems like the 61.8% Fib retracement level of the main decline from the $7,218 swing high to $6,557 swing low is acting as a strong resistance. More importantly, this weeks key bearish trend line is active with resistance near $7,040 on the hourly chart of the BTC/USD pair.

Bitcoin Price

Bitcoin is clearly facing a couple of key hurdles near $6,950 and $7,040. A successful break above the trend line resistance could lead the price towards the main $7,200 resistance area.

If the bulls are able to clear the $7,200 resistance area, there are high chances of a strong rise in the coming sessions. The next major resistances are near $7,500 and $7,660.

If bitcoin struggles to clear the $6,950 and $7,040 resistance levels, there might be a bearish reaction. On the downside, an initial support is near the $6,750-$6,760 zone.

If the bulls fail to protect the $6,750-$6,760 support zone, the bears are likely to take control. In the mentioned bearish case, the price is likely to slide back towards the $6,560 zone in the near term. Any further losses may perhaps call for a test of the $6,200 level.

Technical indicators:

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

Hourly RSI (Relative Strength Index) The RSI for BTC/USD is currently above the 50 level.

Major Support Levels $6,760 followed by $6,560.

Major Resistance Levels $6,950, $7,040 and $7,200.

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Bitcoin Showing Signs of Recovery But This Trend Line Could Be Game Changer - newsBTC