Bitcoin was rejected above the $7,000 level and it declined heavily against the US Dollar. BTC price is currently trading in a bearish zone and it could continue to slide towards $6,400.<\/p>\n
After forming a support base above the $6,700 level, bitcoin price started a fresh increase against the US Dollar. BTC price climbed above the $6,900 and $7,000 levels, but it failed to gain bullish momentum.<\/p>\n
It seems like the price was rejected above the $7,000 level and the 100 hourly simple moving average. More importantly, there is a crucial bearish trend line forming with resistance near $7,150 on the hourly chart of the BTC\/USD pair.<\/p>\n
Bitcoin Price<\/p>\n
The pair formed a high near the $7,218 and declined heavily. It trimmed all its gains and even broke the $6,700 support area. A new weekly low is formed near the $6,559 level and the price is currently correcting higher.<\/p>\n
It is trading near the 23.6% Fib retracement level of the recent decline from the $7,218 high to $6,559 low. An immediate resistance on the upside is near the $6,750 level (the recent breakdown zone).<\/p>\n
If there are more gains above $6,750, bitcoin price might correct higher towards the $6,880 and $6,900 levels. The 50% Fib retracement level of the recent decline from the $7,218 high to $6,559 low is also near the $6,888 level to act as a resistance.<\/p>\n
The main hurdle is now near the $7,150 and $7,200 levels, above which the price is likely to gain bullish momentum in the near term.<\/p>\n
If bitcoin fails to recover above $6,750 or $6,900, there are chances of more downsides. An initial support is near the $6,600 level, below which the price might even decline below $6,500.<\/p>\n
The next key support is near the $6,400 level, followed by $6,200 where the bulls are likely to take a stand.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD The MACD is currently showing a lot of bearish signs.<\/p>\n
Hourly RSI (Relative Strength Index) The RSI for BTC\/USD is now well below the 40 level.<\/p>\n
Major Support Levels $6,500 followed by $6,200.<\/p>\n
Major Resistance Levels $6,880, $7,000 and $7,150.<\/p>\n
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