Analysis Technical

Bitcoin Price Watch: BTC/USD Bearish Below $7,000

Aayush Jindal | June 11, 2018 | 11:54 am
technical analysis bitcoin
Analysis

Bitcoin Price Watch: BTC/USD Bearish Below $7,000

Aayush Jindal | June 11, 2018 | 11:54 am

Key Points

  • Bitcoin price fell sharply and declined below a major support area at $7,000 against the US Dollar.
  • There is a major bearish trend line formed with resistance at $6,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair may perhaps correct a few points higher, but it could face sellers near $6,900 and $7,000.

Bitcoin price declined heavily below $7,000 against the US Dollar. If BTC/USD corrects higher, it may perhaps find a lot of hurdles on the upside.

Bitcoin Price Analysis

The past few hours were very bearish as bitcoin price declined by more than $500 against the US Dollar. The BTC/USD pair started a sharp downside move and fell below key supports at $7,500, $7,200 and $7,000. It even declined below the $6,800 and traded towards the $6,600 level where buyers emerged. A low was formed near the $6,628 and the price is currently correcting higher.

On the upside, an initial resistance is around the 38.2% Fibonacci retracement level of the last decline from the $7,350 high to $6,628 low. On the upside, there is also a major bearish trend line formed with resistance at $6,950 on the hourly chart of the BTC/USD pair. The same trend line is close to the 50% Fibonacci retracement level of the last decline from the $7,350 high to $6,628 low. Therefore, if the price corrects higher, it could face sellers near the $6,900 and $7,000 levels.

Bitcoin Price Analysis BTC USD

Looking at the chart, the current price action is very bearish below $7,000. As long as the price is below the stated level, it remains at a risk of a downside break below the $6,600 level in the near term.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is currently reducing its bearish slope with a few positive signs.

Hourly RSI (Relative Strength Index) – The RSI is moving high and is currently recovering from the oversold levels.

Major Support Level – $6,600

Major Resistance Level – $7,000

Tags: , , , , , ,

NewsBTC is a news service that covers bitcoin news, technical analysis & forecasts for bitcoin and other altcoins. Here at NewsBTC, we are dedicated to enlightening people all around the world about bitcoin and other cryptocurrencies. We cover news related to bitcoin exchanges, bitcoin mining and price forecasts for various virtual currencies.

Get the app

Featuring live charts, price analysis, breaking news, currency converter and more. The only bitcoin app you need!

We use cookies to give you the best online experience. By agreeing you accept the use of cookies in accordance with our cookie policy.