Key Points
Major Support Level – $7,000
Major Resistance Level – $7,250
The price of bitcoin is still in a bearish trend and is currently trading around $7,000. However, I'm watching for a change here because support at $7,000 seems to strong in my mind. It would take a lot of sell pressure to take us lower which I am not seeing currently.
The Price Analysis for Bitcoin
There was no major upside recovery above $7,350 in bitcoin price so far but it may be coming. The bitcoin price does seem to be trending higher very slowly after the sell down yesterday.
At the moment, the price is consolidating losses above the $7,000 and there still is a risk of more losses. An initial hurdle for buyers is near the 23.6% Fib retracement level of the last decline from the $7,445 high to $7,048 low. However, the most significant resistance is close to $7,250, which was a support earlier. The stated $7,250 level is also around the 50% Fib retracement level of the last decline from the $7,445 high to $7,048 low. Above $7,250, there is a crucial bearish trend line in place with resistance at $7,300 on the hourly chart of the BTC/USD pair.
In the chart above we can see that the price is clearly struggling to move higher above $7,250 and $7,300. Buyers need to come in strong to get us back with bullish momentum.
What the Technical Indicators Show:
Hourly MACD – The MACD for BTC is still in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI is currently moving lower towards the 30 level.
