Friday, August 14Your Daily Bitcoin & Altcoin News Portal

Bitcoin (BTC) Flirts With Key Resistance, Bears In Control

Please share if you find this article interesting.

Bitcoin (BTC) Flirts With Key Resistance, Bears In Control

Bitcoin price is showing a lot of bearish signs below the $7,280 resistance against the US Dollar.The price is likely to face resistance and selling interest near the $7,280 and $7,400 levels.There is a short term rising channel forming with resistance near $7,290 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could correct higher towards $7,280, where the bears are likely to take a stand.Bitcoin price is trading in a Bitcoin PriceLooking at the chart, bitcoin price is slowly recovering above $7,150 and $7,200. Having said that, the bulls are facing a lot of hurdles near the $7,280 level. The main hurdle is still near the $7,400 pivot level.Technical indicators:Hourly MACD – The MACD is about to move back into the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is declining and it is approaching the 50 level.Major Support Levels – $7,180 followed by $7,080.Major Resistance Levels – $7,280, $7,375 and $7,400.

Go to Source

Author: Aayush Jindal

Found this article interesting? Kindly share it on Social Media.