Bitcoin price is trading with a bearish bias below $7,500 against the US Dollar. BTC could start a strong decline if it breaks the $7,030 support area in the near term.<\/p>\n
This past week, bitcoin price made many attempts to clear the $7,600 resistance area against the US Dollar. However, BTC failed to continue above $7,600 and started a fresh decrease below $7,500.<\/p>\n
Moreover, there was a break below the $7,450 support area and the 55 simple moving average (4-hours). The bears gained pace and the price traded below the $7,300 level.<\/p>\n
The recent low is near $7,150 and the price is currently consolidating losses. An immediate resistance is near the $7,270 level. Besides, the 23.6% Fib retracement level of the recent decline from the $7,651 high to $7,150 low is also near $7,268.<\/p>\n
The first key resistance is near the $7,400 level and the 55 simple moving average (4-hours). Additionally, the 50% Fib retracement level of the recent decline from the $7,651 high to $7,150 low is at $7,400.<\/p>\n
More importantly, there is a crucial contracting triangle forming with resistance near $7,430 on the 4-hours chart of the BTC\/USD pair. Therefore, bitcoin price is clearly facing a lot of hurdles on the upside, starting with $7,270 and up to $7,430.<\/p>\n
The main resistance is still near the $7,600 level, above which the price is likely to test the $8,000 resistance area. An intermediate resistance is near the $7,870 level.<\/p>\n
On the downside, the triangle support is near $7,200. If there is a daily close below $7,200, the price could accelerate lower towards the $6,840 support area. The next major support is near the $6,515 level.<\/p>\n
Bitcoin Price<\/p>\n
Looking at the chart, bitcoin price is currently at a risk of a downside break below the $7,200 and $7,030 support levels. If the bulls fail to push the price above $7,400, the bears are likely to aim $6,840 or $6,515 in the near term.<\/p>\n
4 hour MACD The MACD is currently gaining momentum in the bearish zone.<\/p>\n
4 hour RSI (Relative Strength Index) The RSI is currently well below the 40 level, with a bearish angle.<\/p>\n
Key Support Levels $7,040 and $6,840.<\/p>\n
Key Resistance Levels $7,270, $7,400 and $7,430.<\/p>\n
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