Bitcoin price is declining steadily and it recently traded below the ,000 support against the US Dollar.The price is now consolidating losses above the ,540 support area.There is a major bearish trend line forming with resistance near ,920 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could extend its decline below ,500, but the ,240 and ,200 supports hold the key.Bitcoin price is showing signs of bearish continuation below ,540 against the US Dollar. However, BTC is likely to find a strong support near ,240 and ,200.Bitcoin Price AnalysisThis month, bitcoin price started a strong decline from the ,800 and ,700 resistance levels against the US Dollar. BTC is down more than 20% and it broke many supports near ,100 and ,000 to enter a
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- Bitcoin price is declining steadily and it recently traded below the $7,000 support against the US Dollar.
- The price is now consolidating losses above the $6,540 support area.
- There is a major bearish trend line forming with resistance near $6,920 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could extend its decline below $6,500, but the $6,240 and $6,200 supports hold the key.
Bitcoin price is showing signs of bearish continuation below $6,540 against the US Dollar. However, BTC is likely to find a strong support near $6,240 and $6,200.
Bitcoin Price Analysis
This month, bitcoin price started a strong decline from the $7,800 and $7,700 resistance levels against the US Dollar. BTC is down more than 20% and it broke many supports near $7,100 and $7,000 to enter a bearish zone.
Moreover, there was a close below $7,000 and the 55 simple moving average (4-hours). The bears gained pace and the price tumbled below the $6,700 and $6,660 levels.
A new multi-month low was formed near $6,553 and the price is currently consolidating losses. An initial resistance is near the $6,730 level. Besides, the 23.6% Fib retracement level of the recent drop from the $7,299 high to $6,553 low is also near $6,730.
If bitcoin price corrects above $6,730, it could recover towards the $6,800 and $6,880 resistance levels. The first major resistance is near the $6,920 level. Additionally, there is a major bearish trend line forming with resistance near $6,920 on the 4-hours chart of the BTC/USD pair.
The 50% Fib retracement level of the recent drop from the $7,299 high to $6,553 low is also near the $6,920 level to prevent gains. The main resistance for a trend change is near the $7,000 and $7,115 levels.
A successful close above $7,000, $7,115, and the 55 simple moving average (4-hours) is needed to start a decent rebound in the near term.
On the other hand, the price could struggle to correct above $6,880 or $7,000. In the stated scenario, the price is likely to continue lower below $6,540 and $6,500. The next set of key supports is near the $6,240 and $6,200 levels.
Bitcoin Price
Looking at the chart, bitcoin price is showing signs of more downsides below $6,500. Having said that, there are high chances of a strong buying interest near the $6,200 support area in the near term.
Technical indicators
4 hour MACD – The MACD is slowly losing momentum in the bearish zone.
4 hour RSI (Relative Strength Index) – The RSI is currently correcting higher, but still below the 30 level.
Key Support Levels – $6,540 and $6,240.
Key Resistance Levels – $6,880, $7,000 and $7,115.