Bitcoin (BTC) Signaling Bearish Continuation, $7K Support At Risk | NewsBTC
(Source: newsbtc.com)

clicks | 6 days ago | Google AI sentiment 0.50 | comments: discuss | tags: bitcoin


Article preview (bot search)

(Original link: newsbtc.com)

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. Bitcoin (BTC) Signaling Bearish Continuation, $7K Support At Risk was last modified: December 2nd, 2019 by Aayush Jindal ...