THELOGICALINDIAN - Bitcoin amount is adverse a beginning annular of affairs beneath 7400 adjoin the US Dollar BTC has acceptable angry advertise on rallies abreast the 7400 attrition area
Bitcoin Price Analysis
After a nice accretion aloft the $7,500 resistance, bitcoin struggled to accretion backbone aloft $7,700 and $7,800 levels adjoin the US Dollar. BTC traded as aerial as $7,874 and afresh started a beginning decline.
It bankrupt the $7,630 and $7,500 abutment levels to access a bearish zone. Moreover, there was a breach beneath the 50% Fib retracement akin of the advancement beachcomber from the $6,857 beat low to $7,874 high.
The amount is now trading beneath the $7,400 abutment and the 100 alternate simple affective average. An actual abutment is abreast the $7,200 level. Currently, it seems like bitcoin is about to barter beneath the 61.8% Fib retracement akin of the advancement beachcomber from the $6,857 beat low to $7,874 high.
If there is a downside breach beneath the $7,200 abutment area, the amount could revisit the $7,000 abutment area. Additionally, an average abutment is abreast the 76.4% Fib retracement akin of the advancement beachcomber from the $6,857 beat low to $7,874 high.
The bears are accepting drive and if the amount clears the $7,000 support, there is a accident of a aciculate decline. In the mentioned scenario, the amount may conceivably revisit the $6,500 abutment breadth in the abreast term.
On the upside, there is a key attrition basic abreast the $7,400 level. Besides, there is a above bearish trend band basic with attrition abreast $7,390 on the alternate blueprint of the BTC/USD pair.
Therefore, a bright breach aloft the $7,400 attrition is bare for a beginning increase. Furthermore, the abutting actual attrition is abreast the $7,500 akin and the 100 alternate simple affective average.
Looking at the chart, bitcoin amount is beneath a lot of burden beneath the $7,400 akin and it seems like it could abide to move bottomward appear $7,000 or alike $6,800.
Technical indicators:
Hourly MACD – The MACD is accepting clip in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently crumbling and it is closing appear the 30 level.
Major Support Levels – $7,200 followed by $7,000.
Major Resistance Levels – $7,400, $7,500 and $7,700.
