Bitcoin price is declining and it is now trading well below ,500 against the US Dollar.The price is likely to extend its decline towards the ,040 support area.There is a contracting triangle forming with resistance near ,280 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could bounce back unless there is no daily close below ,040 and ,000.Bitcoin price is showing bearish signs below ,300 against the US Dollar. BTC is under pressure, but it might hold the ,040 support area in the near term.Bitcoin Price AnalysisThis past week, bitcoin price tested the ,870 and ,900 resistance levels against the US Dollar. However, BTC failed to continue above ,870 and started a fresh decline below the ,600 support area.Moreover, there was a close below the
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- Bitcoin price is declining and it is now trading well below $7,500 against the US Dollar.
- The price is likely to extend its decline towards the $7,040 support area.
- There is a contracting triangle forming with resistance near $7,280 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could bounce back unless there is no daily close below $7,040 and $7,000.
Bitcoin price is showing bearish signs below $7,300 against the US Dollar. BTC is under pressure, but it might hold the $7,040 support area in the near term.
Bitcoin Price Analysis
This past week, bitcoin price tested the $7,870 and $7,900 resistance levels against the US Dollar. However, BTC failed to continue above $7,870 and started a fresh decline below the $7,600 support area.
Moreover, there was a close below the $7,500 level and the 55 simple moving average (4-hours). The recent decline gained pace below the 23.6% Fib retracement level of the last wave from the $6,525 low to $7,869 high.
Finally, the price traded below the $7,300 level and it is struggling to stay above $7,150. Besides, the 50% Fib retracement level of the last wave from the $6,525 low to $7,869 high is near the $7,197 level.
An immediate support is near the $7,040 level (the previous pivot area). It is also close to the 61.8% Fib retracement level of the last wave from the $6,525 low to $7,869 high.
Therefore, a downside break below the $7,040 and $7,000 support levels could open the doors for more downsides in the near term. In the mentioned case, there is a risk of a sharp decline in bitcoin price towards the $6,800 and $6,600 levels.
On the upside, an immediate resistance area is near the $7,280 and $7,300 levels. Additionally, there is a contracting triangle forming with resistance near $7,280 on the 4-hours chart of the BTC/USD pair.
If there is an upside break above the $7,300 level, the bulls might be able to gain strength. In this case, the price could start a fresh increase towards the $7,500 and $7,600 resistance levels.
Bitcoin Price
Looking at the chart, bitcoin price is clearly approaching a crucial support area near the $7,040 and $7,000 levels. If not fails to stay above $7,000, there could be a downside extension. Otherwise, the price is likely to bounce back above $7,300 and $7,400.
Technical indicators
4 hour MACD – The MACD is slowly gaining momentum in the bearish zone.
4 hour RSI (Relative Strength Index) – The RSI is currently well below the 50 level, with no recovery signs.
Key Support Levels – $7,040 and $6,800.
Key Resistance Levels – $7,280, $7,300 and $7,500.