HOME CATEGORIES WRITE AND EARN 🔍
CATEGORIES WRITE AND EARN MORE

CRYPTO NEWS

Your favorite crypto news blog

Bitcoin Turned ‘Sell’ After A Key Technical Rejection Above $7K

Bitcoin 2020/04/13 05:48 by Aayush Jindal
Bitcoin was rejected above the $7,000 level and it declined heavily against the US Dollar. BTC price is currently trading in a bearish zone and it could continue to slide towards $6,400. Bitcoin is showing a lot of bearish signs below the $7,000 pivot level against the US Dollar. There was a key technical rejection near the $7,200 area and the 100 hourly SMA. There is a crucial bearish trend line forming with resistance near $7,150 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair is likely to continue lower as long as it is below the $7,200 level. Bitcoin Turns Red After forming a support base above the $6,700 level, bitcoin price started a fresh increase against the US Dollar. BTC price climbed above the $6,900 and $7,000 levels, but it failed to gain bullish momentum. It seems like the price was rejected above the $7,000 level and the 100 hourly simple moving average. More importantly, there is a crucial bearish trend line forming with resistance near $7,150 on the hourly chart of the BTC/USD pair. Bitcoin Price The pair formed a high near the $7,218 and declined heavily. It trimmed all its gains and even broke the $6,700 support area. A new weekly low is formed near the $6,559 level and the price is currently correcting higher. It is trading near the 23.6% Fib retracement level of the recent decline from the $7,218 high to $6,559 low. An immediate resistance on the upside is near the $6,750 level (the recent breakdown zone). If there are more gains above $6,750, bitcoin price might correct higher towards the $6,880 and $6,900 levels. The 50% Fib retracement level of the recent decline from the $7,218 high to $6,559 low is also near the $6,888 level to act as a resistance. The main hurdle is now near the $7,150 and $7,200 levels, above which the price is likely to gain bullish momentum in the near term. More Downsides? If bitcoin fails to recover above $6,750 or $6,900, there are chances of more downsides. An initial support is near the $6,600 level, below which the price might even decline below $6,500. The next key support is near the $6,400 level, followed by $6,200 where the bulls are likely to take a stand. Technical indicators: Hourly MACD – The MACD is currently showing a lot of bearish signs. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now well below the 40 level. Major Support Levels – $6,500 followed by $6,200. Major Resistance Levels – $6,880, $7,000 and $7,150.

1 Like(s)



You should also read...

Bitcoin 11/05/20 05:38 by Aayush Jindal
This Simple Technical Pattern Could Resend Bitcoin Price Above $9,000
Bitcoin declined heavily from the $10,000 resistance against the US Dollar. BTC is currently correcting higher and it seems like the bulls are likely to push the price back above $9,000. Bitcoin foun...
Read More
Bitcoin 22/05/20 05:58 by Aayush Jindal
Bitcoin Saw A Key Technical Breakdown: Here’s Why BTC Could Decline Further
Bitcoin started a strong decline after it broke the key $9,500 support against the US Dollar. BTC price is currently correcting higher from the $8,794 low, but upsides are likely to remain capped. Bi...
Read More
Bitcoin 03/07/20 05:58 by Aayush Jindal
Bitcoin Faces Another Rejection And It’s Vulnerable to a Drop Below $9K
Bitcoin was rejected once again near the $9,300 resistance against the US Dollar. BTC is currently recovering, but it remains at a risk of more downsides below $9,000. Bitcoin topped near $9,302 and ...
Read More
Bitcoin 17/07/20 05:58 by Aayush Jindal
Bitcoin Trading Near Last Line of Defense: Can Bulls Save the Day?
Bitcoin failed to climb above the $9,300 resistance and extended its decline against the US Dollar. BTC is currently showing bearish signs and it might struggle to stay above the $9,000 support. Bitc...
Read More
Bitcoin 29/09/20 05:58 by Aayush Jindal
Bitcoin Correction To $10k On Horizon After Bulls Lose Control At $10.9k
Bitcoin price failed to clear the $10,900 and $11,000 resistance levels against the US Dollar. BTC is currently declining and it seems like there are chances of an extended decline to $10,000. Bitcoi...
Read More