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Bitcoin (BTC) Reaches Crucial Support At $7.4K, Larger Decline In Play?

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Bitcoin (BTC) Reaches Crucial Support At $7.4K, Larger Decline In Play?

Bitcoin price is down 6% and tested $7,400 (discussed in the medium term outlook) against the US Dollar.The price is showing no signs of a strong recovery and remains at a risk below $7,800.There is a key contracting triangle forming with resistance near $7,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).A daily close below $7,400 could open the doors for a push towards $6,500 (as discussed in the recent Bitcoin PriceLooking at the chart, bitcoin price is trading near a major support at $7,400. Thus, there are chances of a decent recovery above $7,800. On the other hand, the price could aim a larger bearish wave below $7,400.Technical indicators:Hourly MACD – The MACD is slowly moving in the bullish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently recovering and is above the 30 level.Major Support Levels – $7,500 followed by $7,400.Major Resistance Levels – $7,640, $7,825 and $8,000.

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Author: Aayush Jindal

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