Bitcoin Price Weekly Analysis: Can BTC/USD Hold $7K?

Key Factors

  • Bitcoin value remained in a bearish zone above the $7,000 assist in opposition to the US Greenback.
  • There’s a key declining channel forming with resistance at $7,600 on the Four-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair has to remain above the $7,200 and $7,000 assist ranges to keep away from a significant draw back break.

Bitcoin value is buying and selling effectively under the $7,600 pivot degree in opposition to the US Greenback. If BTC/USD breaks the $7,000-7,200 assist, there might be heavy declines.

Bitcoin Price Decline

This previous week, there have been heavy losses from the $eight,500 swing excessive in bitcoin value in opposition to the US Greenback. The worth declined sharply and broke two essential assist ranges at $eight,150 and $7,900. The decline was such that the worth even broke the $7,600 pivot degree. It traded near the $7,000 degree and located assist close to $7,200. A low was shaped at $7,220 earlier than the worth began consolidating in a variety.

It traded a number of factors above the 23.6% Fib retracement degree of the final decline from the $eight,606 excessive to $7,220 low. Nonetheless, consumers failed to achieve momentum above the $7,600 pivot degree. Due to this fact, the worth is in a downtrend under $7,600. Extra importantly, there’s a key declining channel forming with resistance at $7,600 on the Four-hours chart of the BTC/USD pair. A break above the channel resistance and $7,650 is required for an upside push. Above $7,650, the subsequent hurdle for consumers sits across the $7,950 and $eight,000 ranges.

Trying on the chart, the worth is struggling to get well above $7,600. On the draw back, there’s a essential assist at $7,200. A break under the said assist at $7,200 may open the doorways for extra declines under the $7,000 degree.

Trying on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is struggling to achieve tempo within the bullish zone.

Four-hours RSI (Relative Energy Index) – The RSI is at present simply above the 30 degree.

Main Help Stage – $7,200

Main Resistance Stage – $7,600

About Tom Greenly

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