Bitcoin Trading Near Make-or-Break Levels, 100 SMA Holds Key
technical analysis

Bitcoin Trading Near Make-or-Break Levels, 100 SMA Holds Key

THELOGICALINDIAN - Bitcoin amount is aback to the key 7200 abutment breadth adjoin the US Dollar BTC is now adverse a lot of hurdles abreast the 7400 and 7500 levels

Bitcoin Price Analysis

Yesterday, we saw a strong acceleration in bitcoin price aloft the $7,500 attrition adjoin the US Dollar. Moreover, the amount acicular aloft the $7,600 akin and the 100 alternate simple affective average.

However, the beasts struggled to accretion absorption aloft the $7,680 and $7,700 levels. There were two attempts to bore the $7,700 resistance, but the bears succeeded in arresting added upsides.

As a result, there was a beginning abatement beneath the $7,500 abutment and the $7,400 pivot. Besides, there was a breach beneath a contacting triangle with abutment abreast $7,500 on the alternate blueprint of the BTC/USD pair.

Bitcoin amount is bottomward added than $400 and it alike traded beneath the $7,320 support. Finally, it traded abutting to the $7,260 abutment and a low is formed abreast $7,267.

BTC surpassed a few key hurdles abreast $7,300 and $7,400 to alpha a able advancement move. It seems like the $7,200 abutment breadth is actual important forth with the 100 alternate simple affective average.

On the upside, an antecedent attrition is abreast the $7,360 level. It is abutting to the 23.6% Fib retracement akin of the contempo abatement from the $7,686 aerial to $7,267 low.

However, the aboriginal above attrition is abreast the $7,480 and $7,500 levels. Additionally, the 50% Fib retracement akin of the contempo abatement from the $7,686 aerial to $7,267 low is at $7,477.

Therefore, bitcoin charge beat the $7,400 and $7,500 attrition levels to revisit the capital $7,700 attrition area. On the downside, the $7,260 and $7,200 levels authority the key. The abutting above abutment is abreast $7,120, beneath which the amount could alpha a aciculate decline.

Looking at the chart, bitcoin amount is beneath burden beneath $7,400 and $7,500. Having said that, the beasts are acceptable to animation aback as continued as the amount is aloft $7,120.

Technical indicators:

Hourly MACD – The MACD is boring abbreviation its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is boring affective college appear 40.

Major Support Levels – $7,260 followed by $7,120.

Major Resistance Levels – $7,360, $7,480 and $7,500.