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Home Technical analysis

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

Aayush Jindal by Aayush Jindal
3 years ago
in Technical analysis
Reading Time: 2min read
technical analysis bitcoin
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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.

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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: Bitcoin Analysisbitcoin priceBitcoin price analysisBitcoin price chartbitcoin technical analysisbtcbtcusd
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies and Financial Market Strategist with a background in IT and financial markets. He specialises in market strategies and technical analysis, and has spent over a DECADE as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin and Ethereum markets.

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