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

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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.

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Author: Aayush Jindal

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