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Key Points
- The bitcoin price has fallen below $ 7.260 and has moved into a bearish zone relative to the US dollar.
- C & # 39; is a bearish trend line formed with resistance at $ 7,320 on the 4-hour chart of the BTC / USD pair (data feed from Kraken).
- The pair must clear the resistors from $ 7.260 and $ 7.320 to go back to a positive zone.
Bitcoin's price neared its fall with a close below $ 7.260 against the US dollar. BTC / USD counterparts remain limited to around $ 7,260 and $ 7,320 in the short term.
Bitcoin Price Upside Hurdles
Last week, there was a strong downtrend from well over $ 7,600 in bitcoins compared to the US dollar. The BTC / USD pair declined and broke the $ 7,500 and $ 7,260 support levels to move into a bearish zone. It even traded below the $ 7,000 level and is currently well below the simple moving average of 100 (4 hours). A new monthly minimum amounted to $ 6,881 and the price is currently undergoing consolidation
An initial upward resistance approaches the Fib retracement level at 23.6% from the last decline from $ 8.297 in high at $ 6.881 at the bottom. More importantly, there is a large bearish trend line formed with resistance at $ 7,320 on the 4-hour chart of the BTC / USD pair. Under the resistance of the trend line, the previous support at $ 7,260 is a crucial resistance. Therefore, the $ 7,260 and $ 7,320 resistances are important barriers to further short-term BTC gains. If there was a break above $ 7.320, the price could recover. The next resistance expects about $ 7,600 and the 50% fiber retracement level of the last dip from $ 8,297 high to $ 6,881 low
[19659008] Looking at the chart, BTC price is clearly traded in a bearish zone of less than $ 7,260. If it fails to recover and slips below $ 6.880, the next stop for sellers could be $ 6,500,600.
Looking at the technical indicators:
4-hour MACD – The MACD for BTC / USD is mostly located in the bearish zone
RSI at 4 hours (Relative Strength Index) – The RSI is currently well below the 30 level.
Major Support Level – $ 6.880
Level of main resistance – $ 7.320
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