Bitcoin price started a fresh decline and traded below the ,000 support against the US Dollar.It is currently showing a few bearish signs below ,965 and ,000.There is a key contracting triangle forming with resistance near ,220 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair could decline further towards the key ,600 support before it might start a fresh increase.Bitcoin price is struggling to remain in a positive zone above ,800 against the US Dollar. BTC could extend its losses towards ,600 before the bulls take a stand.Bitcoin Price AnalysisThis past week, bitcoin price made an attempt to gain strength above the ,300 area against the US Dollar. However, BTC failed to continue higher above the ,300 area and formed a top at ,310.As a result,
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- Bitcoin price started a fresh decline and traded below the $7,000 support against the US Dollar.
- It is currently showing a few bearish signs below $6,965 and $7,000.
- There is a key contracting triangle forming with resistance near $7,220 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair could decline further towards the key $6,600 support before it might start a fresh increase.
Bitcoin price is struggling to remain in a positive zone above $6,800 against the US Dollar. BTC could extend its losses towards $6,600 before the bulls take a stand.
Bitcoin Price Analysis
This past week, bitcoin price made an attempt to gain strength above the $7,300 area against the US Dollar. However, BTC failed to continue higher above the $7,300 area and formed a top at $7,310.
As a result, there was a fresh decline below the $7,200 and $7,000 levels. There was also a close below the $7,000 level and the 55 simple moving average (4-hours). The decline was such that the price traded below $6,800 and a low is formed near the $6,744.
It is currently consolidating losses above the $6,800 level. Bitcoin price seems to be testing the 23.6% Fib retracement level of the recent decline from the $7,310 high to $6,744 low.
The first key resistance on the upside is near the $6,980 level and the 55 simple moving average (4-hours). The next resistance is near $7,030 and the 50% Fib retracement level of the recent decline from the $7,310 high to $6,744 low.
More importantly, there is a key contracting triangle forming with resistance near $7,220 on the 4-hours chart of the BTC/USD pair. A successful break above the $7,030 level is needed for a push towards the $7,220 and $7,300 resistance levels.
Conversely, the price might start a fresh decline below the $6,800 level and the $6,744 swing low. In the mentioned case, there is a risk of a downside thrust towards the $6,600 support area. Any further losses may perhaps initiate a larger decline towards the $6,000 support.
Bitcoin Price
Looking at the chart, bitcoin price is clearly showing a lot of bearish signs below the $7,000 pivot level. Unless there is a rally above $7,030, there are chances of more losses towards the $6,600 support in the near term.
Technical indicators
4 hours MACD – The MACD is struggling to gain pace in the bullish zone.
4 hours RSI (Relative Strength Index) – The RSI is currently just above the 40 level.
Key Support Levels – $6,740 and $6,600.
Key Resistance Levels – $6,980, $7,030 and $7,220.