Bitcoin Price Watch: BTC/USD’s Struggle Continues

Key Factors

  • Bitcoin worth stays in a bearish pattern and is at the moment buying and selling round $7,000 towards the US Greenback.
  • There’s a essential bearish pattern line in place with resistance at $7,300 on the hourly chart of the BTC/USD pair (knowledge feed from Kraken).
  • The pair should keep above the $7,000 deal with to keep away from additional losses within the close to time period.

Bitcoin worth is underneath a robust promoting stress beneath $7,300 towards the US Greenback. Let’s see if BTC/USD can maintain the $7,000 help degree or not.

Bitcoin Price Evaluation

There was no main upside restoration above $7,350 in bitcoin worth towards the US Greenback. The BTC/USD pair corrected larger just a few factors yesterday, however patrons did not push the value above the $7,350 and $7,400 resistance ranges. In consequence, there was a draw back response and the value broke the final swing low of $7,150. It traded near the $7,000 degree and a low was fashioned at $7,048.

In the meanwhile, the value is consolidating losses above the $7,000 and it stays at a threat of extra losses. An preliminary hurdle for patrons is close to the 23.6% Fib retracement degree of the final decline from the $7,445 excessive to $7,048 low. Nevertheless, probably the most vital resistance is near $7,250, which was a help earlier. The said $7,250 degree can be across the 50% Fib retracement degree of the final decline from the $7,445 excessive to $7,048 low. Above $7,250, there’s a essential bearish pattern line in place with resistance at $7,300 on the hourly chart of the BTC/USD pair.

Wanting on the chart, the value is clearly struggling to maneuver larger above $7,250 and $7,300. If patrons proceed to wrestle, bitcoin might drop sharply and it would break the $7,000 help within the close to time period.

Wanting on the technical indicators:              

Hourly MACD – The MACD for BTC/USD continues to be within the bearish zone.

Hourly RSI (Relative Power Index) – The RSI is at the moment shifting decrease in the direction of the 30 degree.

Main Assist Stage – $7,000

Main Resistance Stage – $7,250

About Tom Greenly

Check Also

Blockchain-enabled supply chain platform ensures legal flow of products through the Canadian cannabis market

ADVERTISEMENTS As the Canadian Authorities’s Cannabis Act lastly legalized Cannabis on October 17, 2018, Greenstream …

Is a Gradual Decline to $3,500 in Play For Bitcoin?

Bitcoin thus far has been in a position to discover help above the so-called backside …