Bitcoin (BTC) Signaling Bearish Continuation, $7K Support At Risk @newsbtc #Analysis #Technical #bitcoin #btc

• Bitcoin price is struggling to hold a couple of important supports near $7,200 against the US Dollar.
• The price is likely to continue lower below the $7,200 and $7,000 support levels.
• There is a ...
  • Bitcoin price is struggling to hold a couple of important supports near $7,200 against the US Dollar.
  • The price is likely to continue lower below the $7,200 and $7,000 support levels.
  • There is a major bearish trend line forming with resistance near $7,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could even revisit the $6,500 support area once it settles below the $7,000 support.

  Bitcoin price is facing a fresh round of selling below $7,400 against the US Dollar. BTC has likely turned sell on rallies near the $7,400 resistance area.

  Bitcoin Price Analysis

  After a nice recovery above the $7,500 resistance, bitcoin struggled to gain strength above $7,700 and $7,800 levels against the US Dollar. BTC traded as high as $7,874 and recently started a fresh decline.

  It broke the $7,630 and $7,500 support levels to enter a bearish zone. Moreover, there was a break below the 50% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high.

  The price is now trading below the $7,400 support and the 100 hourly simple moving average. An immediate support is near the $7,200 level. Currently, it seems like bitcoin is about to trade below the 61.8% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high.

  If there is a downside break below the $7,200 support area, the price could revisit the $7,000 support area. Additionally, an intermediate support is near the 76.4% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high.

  The bears are gaining momentum and if the price clears the $7,000 support, there is a risk of a sharp decline. In the mentioned scenario, the price may perhaps revisit the $6,500 support area in the near term.

  On the upside, there is a key resistance forming near the $7,400 level. Besides, there is a major bearish trend line forming with resistance near $7,390 on the hourly chart of the BTC/USD pair.

  Therefore, a clear break above the $7,400 resistance is needed for a fresh increase. Furthermore, the next immediate resistance is near the $7,500 level and the 100 hourly simple moving average.

  

  Looking at the chart, bitcoin price is under a lot of pressure below the $7,400 level and it seems like it could continue to move down towards $7,000 or even $6,800.

  Technical indicators:

  Hourly MACD – The MACD is gaining pace in the bearish zone.

  Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and it is closing towards the 30 level.

  Major Support Levels – $7,200 followed by $7,000.

  Major Resistance Levels – $7,400, $7,500 and $7,700.

  The post Bitcoin (BTC) Signaling Bearish Continuation, $7K Support At Risk appeared first on NewsBTC.

  
  
  source https://www.tokentalk.co/NewsBTC/bitcoin-btc-signaling-bearish-continuation-7k-support-at-risk-5de4ab31713a48c87bb9d267