Bitcoin Weekly Forecast: BTC Aiming Key $6.5K Support

  • There was a pointy decline in bitcoin under the $eight,000 and $7,500 helps towards the US Greenback.
  • The worth is at present correcting losses, however stays at a threat under $7,400.
  • There’s one other breakdown sample forming with help close to $7,240 on the Four-hours chart of the BTC/USD pair (knowledge feed from Kraken).
  • The worth is at present buying and selling under the $7,500 resistance and more likely to decline additional.

Bitcoin worth is buying and selling in a robust downtrend under $7,500 towards the US Greenback. BTC is more likely to proceed decrease in direction of the principle $6,500 bearish goal.

Bitcoin Worth Weekly Evaluation (BTC)

This previous week, bitcoin began a nasty decline under the $eight,000 help space towards the US Greenback. Because of this, BTC worth gained bearish momentum under the $7,800 help and the 100 easy transferring common (Four-hours).

It opened the doorways for extra losses and the worth even declined sharply under the $7,500 help. Furthermore, the worth examined the $7,000 help space (the primary bearish goal as per the medium time period outlook).

Lastly, the worth spiked under $6,900 and a brand new multi-month low was fashioned close to the $6,776 stage. On the outset, bitcoin worth is correcting larger and not too long ago traded above the 23.6% Fib retracement stage of the final decline from the $eight,213 excessive to $6,776 low.

Nevertheless, the upward correction is going through resistance close to the $7,400 stage. Moreover, there may be one other breakdown sample forming with help close to $7,240 on the Four-hours chart of the BTC/USD pair.

If there’s a draw back break under $7,240 and $7,200, there are probabilities of extra downsides within the close to time period. Within the talked about case, the worth is more likely to break the $7,000 help and $6,800 stage. The primary goal for the bears appear to be the $6,500 help space.

On the upside, the worth should break the triangle resistance and $7,400. Moreover, the 50% Fib retracement stage of the final decline from the $eight,213 excessive to $6,776 low is close to the $7,500 stage.

The important thing resistance is close to the $7,550 stage and a connecting bearish development line on the identical chart. A transparent break above the $7,500 and $7,550 resistance ranges might set the tempo for extra positive aspects.

Bitcoin Worth

Trying on the chart, bitcoin worth is probably going organising for one more breakdown under the $7,200 and $7,000 help ranges. Conversely, an in depth above $7,550 is required for a correction in direction of the $eight,000 stage within the coming days.

Technical indicators

Four hours MACD – The MACD for BTC/USD is slowly transferring within the bullish zone.

Four hours RSI (Relative Energy Index) – The RSI for BTC/USD is now recovering, however it’s nicely under the 40 stage.

Main Support Stage – $7,000

Main Resistance Stage – $7,550

About Tom Greenly

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