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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin (BTC) Signaling Bearish Continuation, $7K Support At Risk

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price is struggling to hold a couple of important supports near $7,200 against the US Dollar.
  • The price is likely to continue lower below the $7,200 and $7,000 support levels.
  • There is a major bearish trend line forming with resistance near $7,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could even revisit the $6,500 support area once it settles below the $7,000 support.

Bitcoin price is facing a fresh round of selling below $7,400 against the US Dollar. BTC has likely turned sell on rallies near the $7,400 resistance area.

Bitcoin Price Analysis

After a nice recovery above the $7,500 resistance, bitcoin struggled to gain strength above $7,700 and $7,800 levels against the US Dollar. BTC traded as high as $7,874 and recently started a fresh decline.

It broke the $7,630 and $7,500 support levels to enter a bearish zone. Moreover, there was a break below the 50% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high.

The price is now trading below the $7,400 support and the 100 hourly simple moving average. An immediate support is near the $7,200 level. Currently, it seems like bitcoin is about to trade below the 61.8% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high.

If there is a downside break below the $7,200 support area, the price could revisit the $7,000 support area. Additionally, an intermediate support is near the 76.4% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high.

The bears are gaining momentum and if the price clears the $7,000 support, there is a risk of a sharp decline. In the mentioned scenario, the price may perhaps revisit the $6,500 support area in the near term.

On the upside, there is a key resistance forming near the $7,400 level. Besides, there is a major bearish trend line forming with resistance near $7,390 on the hourly chart of the BTC/USD pair.

Therefore, a clear break above the $7,400 resistance is needed for a fresh increase. Furthermore, the next immediate resistance is near the $7,500 level and the 100 hourly simple moving average.

Bitcoin Price

Looking at the chart, bitcoin price is under a lot of pressure below the $7,400 level and it seems like it could continue to move down towards $7,000 or even $6,800.

Technical indicators:

Hourly MACD – The MACD is gaining pace in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and it is closing towards the 30 level.

Major Support Levels – $7,200 followed by $7,000.

Major Resistance Levels – $7,400, $7,500 and $7,700.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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