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Bitcoin (BTC) Signaling Bearish Continuation, $7K Support At Risk
Bitcoin price is struggling to hold a couple of important supports near $7,200 against the US Dollar.The price is likely to continue lower below the $7,200 and $7,000 support levels.There is a major bearish trend line forming with resistance near $7,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair could even revisit the $6,500 support area once it settles below the $7,000 support.Bitcoin price is facing a fresh round of selling below $7,400 against the US Dollar. BTC has likely turned sell on rallies near the $7,400 resistance area.Bitcoin Price AnalysisAfter a nice recovery above the $7,500 resistance, bitcoin Looking at the chart, bitcoin price is under a lot of pressure below the $7,400 level and it seems like it could continue to move down towards $7,000 or even $6,800.Technical indicators:Hourly MACD – The MACD is gaining pace in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and it is closing towards the 30 level.Major Support Levels – $7,200 followed by $7,000.Major Resistance Levels – $7,400, $7,500 and $7,700.
Author: Aayush Jindal
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