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technical analysis bitcoin

Bitcoin Price Watch: BTC/USD Upsides Remain Limited

Aayush Jindal by Aayush Jindal
6 years ago
in Technical analysis
Reading Time: 2 mins read

Key Points

  • Bitcoin price is struggling to hold the $7,250-7,300 support area against the US Dollar.
  • There are two bearish trend lines formed with resistances at $7,400 and $7,510 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains at a risk of more losses if it breaks the $7,150 support level.

Bitcoin price is moving further into the bearish zone below $7,400 against the US Dollar. BTC/USD must remain above $7,000 to avoid a sharp decline.

Bitcoin Price Analysis

There were a couple of rejections noted around $7,500 level in bitcoin price against the US Dollar. The BTC/USD pair started a downside move and declined below the $7,400 and $7,300 support levels. It even settled below the $7,400 pivot and the 76.4% Fib retracement level of the last wave from the $7,260 low to $7,648 high. It opened the doors for more losses and the price declined below the $7,260 low.

The current price action suggests a downside break below $7,260 with a bearish angle. At the moment, the price is testing the 1.236 Fib extension level of the last wave from the $7,260 low to $7,648 high. If the price breaks the $7,150 level, there could be more losses towards the $7,000 level. The 1.618 Fib extension level of the last wave from the $7,260 low to $7,648 high is at $7,020 to act as a support. Further below this, the price could decline towards $6,800. On the upside, there are two bearish trend lines formed with resistances at $7,400 and $7,510 on the hourly chart of the BTC/USD pair.

Bitcoin Price Analysis BTC USD

Looking at the chart, the price may struggle to break the $7,300 and $7,400 resistance levels. Only a close above $7,500 could clear the path for a bullish trend in the near term.

Looking at the technical indicators:              

Hourly MACD – The MACD for BTC/USD is moving in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI is now well below the 40 level.

Major Support Level – $7,020

Major Resistance Level – $7,400

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. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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