Bitcoin Price Weekly Analysis: BTC/USD Remains Sell on Rallies

Key Factors

  • Bitcoin value declined beneath $7,260 and moved right into a bearish zone towards the US Greenback.
  • There’s a main bearish pattern line shaped with resistance at $7,320 on the Four-hours chart of the BTC/USD pair (information feed from Kraken).
  • The pair should clear the $7,260 and $7,320 resistances to maneuver again in a constructive zone.

Bitcoin value tuned bearish with an in depth beneath $7,260 towards the US Greenback. BTC/USD’s upsides stay capped close to the $7,260 and $7,320 ranges within the close to time period.

Bitcoin Price Upside Hurdles

This previous week, there was a pointy draw back transfer from properly above $7,600 in bitcoin value towards the US Greenback. The BTC/USD pair declined and broke the $7,500 and $7,260 help ranges to maneuver right into a bearish zone. It even traded beneath the $7,000 stage and is presently properly beneath the 100 easy transferring common (Four-hours). A brand new month-to-month low was shaped at $6,881 and the worth is presently consolidating.

An preliminary resistance on the upside is close to the 23.6% Fib retracement stage of the final dip from the $eight,297 excessive to $6,881 low. Extra importantly, there’s a main bearish pattern line shaped with resistance at $7,320 on the Four-hours chart of the BTC/USD pair. Beneath the pattern line resistance, the earlier help at $7,260 is a vital resistance. Due to this fact, the $7,260 and $7,320 resistances are main obstacles for extra positive aspects in BTC within the close to time period. Ought to there be a break above $7,320, the worth may get better. The following resistance awaits close to $7,600 and the 50% Fib retracement stage of the final dip from the $eight,297 excessive to $6,881 low.

Wanting on the chart, BTC value is clearly buying and selling in a bearish zone beneath $7,260. If it fails to get better and slides beneath $6,880, the following cease for sellers might be $6,500-6,600.

Wanting on the technical indicators:

Four-hours MACD – The MACD for BTC/USD is usually positioned within the bearish zone.

Four-hours RSI (Relative Power Index) – The RSI is presently properly beneath the 30 stage.

Main Help Degree – $6,880

Main Resistance Degree – $7,320

About Tom Greenly

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