Bitcoin price is trading in a bearish trend zone below the $7,200 resistance. The BTCUSD pair is currently struggling to stay above the $7,000 support level.
Bitcoin Price Medium-Term Analysis
Last week, the price of Bitcoin (BTC) struggled to recover above the $7,300 resistance level, which is below the 100 Simple Moving Average (SMA). After several failed attempts, Bitcoin price started to decline below the $7,100 support level.
Finally, Bitcoin price tested the $7,000 support and a new monthly low was formed at $7,008 level. At the time of writing, BTC is consolidating losses above the $7,000 level.
On the upside, a break above the $7,200 is a must to start a substantial recovery. This will likely open the doors for more upsides above the $7,400 level.
On the downside, a break below the $7,000 support level would result in a risk of a sharp decline below the $6,800 support. The next major support is near the $6,600 and $6,500 levels.
In the meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
BTCUSD Price Short-Term Analysis
On the 1-hour chart, BTCUSD price is in a bearish trend. The pair is clearly trading below a couple of important resistances near the $7,280 level. The next move could be either a sharp decline below $7,000 or a decent recovery above the $7,280 resistance level.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
- Resistance Levels: $7,200, $7,400, $7,600
- Support levels: $7,000, $6,800, $6,600
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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