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Key Points
- Bitcoin price is under a lot of pressure and it recently declined below $7,000 against the US Dollar.
- There is a crucial bearish trend line forming with resistance at $8,100 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
- The pair may correct a few points towards $8,000, but it will most likely face sellers on the upside.
Bitcoin price remains in a major downtrend below $8,000 against the US Dollar. BTC/USD could correct higher, but it is likely to many hurdles on the upside.
Bitcoin Price Downtrend
There was a major decline this past week from well above $9,000 in bitcoin price against the US Dollar. The price tumbled and declined below many important support levels such as $8,000 and $7,000. It even traded close to the $6,500 level. A low was formed at $6,563 before it found bids. A minor upside correction was initiated from the $6,563 low, but upsides are likely to be capped.
An initial resistance is around the 23.6% Fib retracement level of the last decline from the $9,220 high to $6,563 low. More importantly, there is a crucial bearish trend line forming with resistance at $8,100 on the 4-hours chart of the BTC/USD pair. Below the trend line resistance, the 50% Fib retracement level of the last decline from the $9,220 high to $6,563 low is positioned near the $7,894 level. Lastly, the 100 simple moving average (4-hours) is around the $8,100 level to act as a major barrier for buyers.
On the downside, the $6,600 level is a decent support. A break below the same could ignite a downside wave towards $6,000. Overall, there could be an upside correction towards the $8,000 level, but it will most likely face sellers.
Looking at the technical indicators:
4-hours MACD – The MACD for BTC/USD is slowly moving back in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is currently moving higher from the 35 level.
Major Support Level – $6,600
Major Resistance Level – $8,000
Charts courtesy –Trading View
jwvanderbeck 
Jim Kelly 
Swapster_com 
Doc 
Boby Khan 
Rob V 
Peter Day 
Boby Khan 
Been shorting the rallies for two weeks now and I’ve noticed they are getting stronger. Need to time the entry a lot better than before.
Everyone must consider that the whales got you to buy into bitcoin (their gain), and now will sell the rallies until they close their positions (your lose). The biggest bubble in history is done and each rally is being sold until reality sets in for all. It’s going lower.
I am in alts… not selling this cheap. If anything, putting more fiat in the game and build my positions. Everything is on sale.
Bitcoin is going down to us$2000 lebel at the longrun stabilizing market. Maybe in May.
Can any one having idiea about next btc/ usd ?
Does anyone here even know how to spell?
Clearly not
Hello my idea is that the btc going to lose thier position in next months