THELOGICALINDIAN - Bitcoin amount is assuming signs of added losses beneath 7000 adjoin the US Dollar BTC charcoal advertise on rallies until there is a circadian abutting aloft 7400
Bitcoin Price Analysis
Recently, bitcoin fabricated a brace of attempts to achieve aloft $7,380 and $7,400 adjoin the US Dollar. However, BTC bootless to accretion bullish drive aloft $7,400 and remained able-bodied beneath the 100 alternate simple affective average.
As a result, the bears took over and the amount beneath beneath the $7,320 support. Moreover, there was a breach beneath the key $7,200 and $7,180 abutment levels.
Finally, the amount traded to a new account low at $7,108 and it is currently accumulation losses. An actual attrition is abreast $7,180, and the 23.6% Fib retracement akin of the contempo abatement from the $7,365 aerial to $7,108 low.
The main resistance on the upside is abreast the $7,240 akin (the contempo breakdown level). Besides, it is abutting to the 50% Fib retracement akin of the contempo abatement from the $7,365 aerial to $7,108 low.
More importantly, yesterday’s key crumbling approach is still alive with attrition abreast $7,320 on the alternate blueprint of the BTC/USD pair. Above the approach resistance, the capital attrition is abreast the $7,400 akin and the 100 alternate simple affective average.
Therefore, a circadian abutting aloft the $7,400 barrier and the 100 alternate simple affective boilerplate is bare for a trend change. If not, bitcoin amount is acceptable to abatement added beneath $7,100.
The abutting key abutment breadth is abreast the $7,000 level. If the beasts abort to avert the $7,000 abutment area, the amount could alpha a awful abatement appear the aftermost beat low abreast the $6,500 abutment area.
Looking at the chart, bitcoin amount is acutely afterward a declivity beneath the $7,240 and $7,320 levels. Thus, there is a accident of an continued abatement beneath $7,100. In the mentioned case, it would be absorbing to see whether the bears are able to advance the amount beneath $7,000 in the aboriginal attempt.
Technical indicators:
Hourly MACD – The MACD is currently accepting backbone in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently crumbling and it is abreast the oversold levels.
Major Support Levels – $7,100 followed by $7,000.
Major Resistance Levels – $7,250, $7,320 and $7,400.
