BitRss.com latest Crypto World News

Search and discover the latest Cryptocurrency updated Stories in Categories.

24-7 Cryptocurrency News about Blockchain, Technology and much more, only from Top Leading Sources.

Bitcoin (BTC) Price Downside Thrust Underway, Bulls Struggling

Bitcoin (BTC) Price Downside Thrust Underway, Bulls Struggling

Bitcoin price failed to stay above the $7,400 support and declined recently against the US Dollar.
The price is trading below $7,280 and it could even decline below the $7,160 support.
There is a major declining channel forming with resistance near $7,240 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The pair remains at a risk of a downside thrust below $7,160 and $7,040 in the near term.

Bitcoin price is showing a few bearish signs below $7,280 against the US Dollar. BTC is likely to continue lower below $7,160 unless it climbs above $7,400.
Bitcoin Price Analysis
Yesterday, we saw a downside break in bitcoin price below the $7,400 support against the US Dollar. BTC price broke many supports near $7,320 and settled below the 100 hourly simple moving average.
Moreover, the bears were able to push the price below the $7,280 support area. Finally, the price traded below the $7,200 support and tested the $7,160 support zone.
A low was formed near $7,159 and the price is currently correcting higher. An immediate resistance is near the $7,240 and $7,250 levels. Besides, there is a major declining channel forming with resistance near $7,240 on the hourly chart of the BTC/USD pair.
Above the channel resistance, the $7,280 level is a key resistance. Additionally, the 23.6% Fib retracement level of the recent drop from the $7,664 high to $7,159 low.
If bitcoin manages to recover above $7,240 and $7,280, the price could climb towards the next major resistance near the $7,400 area. More importantly, the 50% Fib retracement level of the recent drop from the $7,664 high to $7,159 low is also near the $7,410 level to stop the bulls.
If the bulls succeed in clearing the $7,400 resistance area, the price could surge towards $7,660 or $7,700. On the other hand, the price may perhaps continue to move down below $7,200.
An immediate support is near $7,160, below which the price is likely to accelerate towards $7,040 or $7,000 in the near term. Any further losses might call for a test of the $6,600 area.
Bitcoin Price
Looking at the chart , bitcoin price is facing an increase in selling below $7,400 and $7,280. As long as it is trading below $7,400, there remains a risk of another drop below $7,000.
Technical indicators:
Hourly MACD – The MACD is showing negative signs in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently well below the 50 level.
Major Support Levels – $7,160 followed by $7,040.
Major Resistance Levels – $7,280, $7,400 and $7,420.
The post Bitcoin (BTC) Price Downside Thrust Underway, Bulls Struggling appeared first on NewsBTC .

BitRss.com shares this Contents with License.

Thank you for Share!

   
Read the full Article

Read the full Article: Bitcoin (BTC) Price Downside Thrust Underway, Bulls Struggling


Search Crypto News


BITRSS | CRYPTOCURRENCY WORLD NEWS

The latest Top News, from up to 70 Leading exponents of BlockChain, Bitcoin and different Accredited Crypto Currency Sources.

Since 2015, our Mission was to Share, up-to-date, those News and Information we believe to represent in an Ethical and sincere manner the current Crypto Currencies World: everything you are looking for, in one place!

We have always tried to give priority to the News; for this reason we have designed BitRss.com simple and intuitive, usable by all Devices, fast and effective.


| LEARN MORE ABOUT |

24h Most Popular News