Bitcoin (BTC) Price Downside Thrust Underway, Bulls Struggling
technical analysis

Bitcoin (BTC) Price Downside Thrust Underway, Bulls Struggling

THELOGICALINDIAN - Bitcoin amount is assuming a few bearish signs beneath 7280 adjoin the US Dollar BTC is acceptable to abide lower beneath 7160 unless it climbs aloft 7400

Bitcoin Price Analysis

Yesterday, we saw a downside break in bitcoin amount beneath the $7,400 abutment adjoin the US Dollar. BTC amount bankrupt abounding supports abreast $7,320 and acclimatized beneath the 100 alternate simple affective average.

Moreover, the bears were able to advance the amount beneath the $7,280 abutment area. Finally, the amount traded beneath the $7,200 abutment and activated the $7,160 abutment zone.

A low was formed abreast $7,159 and the amount is currently acclimation higher. An actual attrition is abreast the $7,240 and $7,250 levels. Besides, there is a above crumbling approach basic with attrition abreast $7,240 on the alternate blueprint of the BTC/USD pair.

Above the approach resistance, the $7,280 akin is a key resistance. Additionally, the 23.6% Fib retracement akin of the contempo bead from the $7,664 aerial to $7,159 low.

If bitcoin manages to balance aloft $7,240 and $7,280, the amount could ascend appear the abutting above attrition abreast the $7,400 area. More importantly, the 50% Fib retracement akin of the contempo bead from the $7,664 aerial to $7,159 low is additionally abreast the $7,410 akin to stop the bulls.

If the beasts accomplish in allowance the $7,400 attrition area, the amount could billow appear $7,660 or $7,700. On the added hand, the price may conceivably abide to move down beneath $7,200.

An actual abutment is abreast $7,160, beneath which the amount is acceptable to advance appear $7,040 or $7,000 in the abreast term. Any added losses ability alarm for a analysis of the $6,600 area.

Looking at the chart, bitcoin amount is adverse an access in affairs beneath $7,400 and $7,280. As continued as it is trading beneath $7,400, there charcoal a accident of addition bead beneath $7,000.

Technical indicators:

Hourly MACD – The MACD is assuming abrogating signs in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently able-bodied beneath the 50 level.

Major Support Levels – $7,160 followed by $7,040.

Major Resistance Levels – $7,280, $7,400 and $7,420.