THELOGICALINDIAN - Bitcoin amount is aback in a declivity beneath 7200 adjoin the US Dollar BTC could abide to move bottomward beneath 7000 and 6880 in the abreast term
Bitcoin Price Weekly Analysis (BTC)
This accomplished week, bitcoin struggled to balance aloft the $7,280 and $7,300 attrition levels adjoin the US Dollar. Moreover, BTC amount remained able-bodied beneath the $7,400 akin and the 100 simple affective boilerplate (4-hours).
The contempo abatement was such that the amount beneath beneath the $7,100 abutment area. A new account low is formed abreast $7,008 and the amount is currently accumulation losses.
An antecedent attrition is abreast the $7,100 level. Additionally, the aboriginal hurdle is abreast the $7,165 akin or the 23.6% Fib retracement akin of the bottomward move from the $7,668 aerial to $7,008 low.
The abutting above attrition is abreast the $7,280 level. Besides, there is a key bearish trend band basic with attrition abreast $7,260 on the 4-hours blueprint of the BTC/USD pair. Above the trend line, the 100 simple affective boilerplate (4-hours) is abreast the $7,340 area.
More importantly, the 50% Fib retracement akin of the bottomward move from the $7,668 aerial to $7,008 low is abreast the $7,338 level. Therefore, the $7,280 and $7,340 levels are important hurdles for a appropriate recovery in the abreast term.
A bright breach aloft the $7,340 akin is acceptable to accessible the doors for added upsides aloft the $7,400 level. On the downside, an actual abutment is abreast the $7,000 level.
If there is a downside breach beneath the $7,000 support, there is a accident of a aciculate abatement beneath the $6,880 support. The abutting above abutment is abreast the $6,600 and $6,500 levels, area buyers are acceptable to appear.
Looking at the chart, bitcoin amount is acutely trading beneath a brace of important resistances abreast the $7,280 level. The abutting move could be either a aciculate abatement beneath $7,000 or a appropriate accretion aloft the $7,280 attrition area.
Technical indicators
4 hours MACD – The MACD for BTC/USD is boring accepting bearish momentum.
4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is still crumbling and it is abutting the oversold area.
Major Support Level – $7,000
Major Resistance Level – $7,280
