THELOGICALINDIAN - Bitcoin amount is sliding beneath key supports adjoin the US Dollar BTC charcoal at a accident of added losses beneath 7000 and 6800 if it stays beneath 7280
Bitcoin Price Analysis
Yesterday, we saw an increase in selling on bitcoin beneath the $7,300 abutment adjoin the US Dollar. BTC amount beneath added and bankrupt a few key supports abreast $7,280 and $7,200.
Moreover, there was a abutting beneath the $7,200 abutment and the 100 alternate simple affective average. Finally, the amount acicular beneath the $7,100 akin and activated the $7,080 support.
A low was formed abreast $7,078 and the amount is currently acclimation higher. It is trading aloft the $7,150 level. Besides, there was a breach aloft the 23.6% Fib retracement akin of the contempo abatement from the $7,297 aerial to $7,078 low.
An actual attrition is abreast the $7,165 akin (the contempo breakdown support). The first key resistance is abreast the $7,200 level. Additionally, the 50% Fib retracement akin of the contempo abatement from the $7,297 aerial to $7,078 low is abreast $7,190.
More importantly, there is a key bearish trend band basic with attrition abreast $7,190 on the alternate blueprint of the BTC/USD pair. Therefore, bitcoin amount is acceptable to attempt abreast the $7,190 and $7,200 levels.
If there is an upside breach aloft the $7,200 resistance, the amount could balance appear the $7,280 resistance. The abutting above attrition is abreast $7,340, the 100 alternate SMA, and $7,400.
On the downside, an antecedent abutment is abreast the $7,100 and $7,080 levels. If there is a downside breach beneath the $7,080 area, the bears are acceptable to aim a bright breach beneath the $7,000 abutment breadth in the abreast term.
Looking at the chart, bitcoin amount is beneath a lot of burden beneath the $7,200 area. Thus, there are aerial affairs of addition breakdown beneath the $7,000 support. The capital ambition for the bears could be $6,600 or $6,500.
Technical indicators:
Hourly MACD – The MACD is boring affective in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently collapsed abreast the 40 level.
Major Support Levels – $7,080 followed by $7,000.
Major Resistance Levels – $7,200, $7,280 and $7,340.
