Bitcoin Price (BTC) Turned Sell On Rallies In Near Term
Bitcoin price is trading in a bearish zone below the $7,370 resistance area. BTC to USD remains a sell unless the price breaks the $7,370 and $7,435 resistance levels.
Key Takeaways: BTC/USD
- Bitcoin price is currently correcting higher from the $7,073 low against the US Dollar.
- BTC/USD is facing a strong resistance near $7,370 and a bearish trend line on the 2-hours chart (data feed from Bitstamp).
- Ethereum is now trading well below $150.00 and bitcoin cash is struggling below $218.00.
Bitcoin Price Analysis
In the past few days, bitcoin price followed a bearish path from well above the $7,500 support area. BTC to USD traded below many supports near the $7,460 and $7,370 to enter a bearish zone.
Looking at the 2-hours chart, bitcoin even settled below the $7,370 level and the 50 simple moving average (2-hours, purple). Finally, the price accelerated its decline below the $7,300 level.
A new monthly low was formed near $7,073 and the price is currently correcting higher. It is trading above the $7,180 level and near the 23.6% Fib retracement level of the recent slide from $7,663 to $7,073.
An immediate resistance is near the $7,255 and $7,260 levels. The $7,260 level is also near the 50 simple moving average (2-hours, purple), above which the price could recover towards the $7,370 resistance.
It seems like bitcoin price is facing a strong resistance near $7,370 and a bearish trend line on the 2-hours chart. The 50% Fib retracement level of the recent slide from $7,663 to $7,073 is also near the trend line.
A successful close above the 50 simple moving average (2-hours, purple), trend line, and $7,400 is needed for a decent recovery. The next immediate resistance is near the $7,725 level since it is the 76.4% Fib retracement level of the recent slide from $7,663 to $7,073.
On the other hand, bitcoin price could fail to correct above $7,255 or $7,370. In the mentioned case, sellers are likely to remain in action and they are likely to push the price towards $7,000 or $6,880.