Bitcoin price is declining heavily below $7,100 after several days of downward price pressure. The historic $7,000 support level holds the key, below which BTCUSD could eye a test of $6,500.
Bitcoin Price Medium-term Analysis
Yesterday, November 21, the price of Bitcoin (BTC) price was in a bearish trend. After struggling to recover above the $8,000 level Bitcoin price declined sharply. The price of BTC is down around 6% after breaking many support levels near $7,800 and $7,600.
Finally, the coin tested the first major bearish target of $7,400 and a new monthly low was formed near $7,402. However, at the time of writing, Bitcoin price has accelerated losses and is trading at the $7,050 level. This is now the new monthly low for Bitcoin, and the lowest price the cryptocurrency had seen in the past six months, since May 17.
On the downside, if the bearish pressure persists, the crypto’s price will plunge towards the $6,500 level. Conversely, if more buyers emerge, the coin will rise towards the $7,400 level. The price must climb above the $7,800 and $8,000 levels to move into a positive zone.
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 strongly bearish. The pair is trading near a major support at $7,000. Thus, there are chances of a decent recovery above $7,100. On the other hand, the price could aim a larger bearish wave below $7,000 and back to the $6,800 and $6,600 levels.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $7,400, $7,800, $8,000
- 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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