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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30
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Breaking News: LINK Price Climbs Following Chainlink's Deal With US Commerce Department, Eyes $30

Bitcoin at Major Crossroads, Can Bulls Protect $7,000?

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
bitcoin price btc

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  • Bitcoin price is just holding the key $7,120 and $7,000 support levels against the US Dollar.
  • A bearish break below the $7,000 support could start a short term downtrend.
  • There are two bearish trend lines forming with resistance near $7,240 and $7,400 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to tumble if it struggle to recover above $7,400 in the coming sessions.

Bitcoin price is struggling to stay above $7,120 and $7,000 supports against the US Dollar. BTC needs to recover above $7,240 and $7,400 to avoid a strong decline.

Bitcoin Price Analysis

In the past three days, bitcoin price declined steadily from the $7,700 resistance area against the US Dollar. The price broke a few key supports near the $7,400 and $7,300 levels.

Moreover, the price settled below the $7,300 level and the 100 hourly simple moving average. Finally, the price is now trading near the last line of defense above the $7,120 and $7,160 support levels.

A low is formed near $7,117 and the price is currently correcting higher. Besides, it tested the 23.6% Fib retracement level of the recent slide from the $7,689 high to $7,117 low.

On the upside, an initial resistance is seen near the $7,240 level. More importantly, there are two bearish trend lines forming with resistance near $7,240 and $7,400 on the hourly chart of the BTC/USD pair.

An intermediate resistance between two trend lines is near the $7,300 level and the 100 hourly simple moving average. Additionally, the 50% Fib retracement level of the recent slide from the $7,689 high to $7,117 low is near the $7,400 level.

Therefore, a successful close above the $7,400 resistance could start another increase. The next key resistance is near the $7,500 level, above which bitcoin is likely to accelerate towards the $7,700 resistance area.

On the downside, the $7,120 level is a major support. If the bulls fail to defend the $7,120 support, there is a risk of a sharp breakdown below the $7,000 support area. The next supports are near $6,800 and $6,600.

Looking at the chart, bitcoin price is now trading in a short term bearish zone below the $7,300 and $7,400 levels. Having said that, there are possibilities of a decent upward move as long as there is no daily close below $7,120 and $7,000.

Technical indicators:

Hourly MACD – The MACD is about to move into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is slowly rising towards the 50 level.

Major Support Levels – $7,120 followed by $7,000.

Major Resistance Levels – $7,240, $7,300 and $7,400.

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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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