Bitcoin price analysis: BTC/USD resumes downslide to test $7,400

The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside.

“We want to understand the volatility and make sure clients are in line and make sure regulators are in line,” said Tessler, CEO of Deutsche Boerse.

Bitcoin price attacked the resistance level at $7,600, but the upside was limited below $7,650. The 200 SMA offered resistance leading to a trend reversal that has seen BTC/USD break below $7,500 and is currently testing the short-term support level at $7,400.

The 100 SMA is still below the longer-term 200 SMA to signal that the path of least resistance is to the downside. Moreover, the 100 SMA is offering resistance to the upside, while the gap between the moving averages is widening to signal that the sellers have the upper hand.

The RSI on the 15’ timeframe chart has retracted below the 30 mark, while the Stochastic is way deep in the oversold region which could mean that the sellers are nearing exhaustion and the buyers could find an entry. An upside breakout past the 100 SMA ($7,500) could test the key resistance at $7,600 (200 SMA). However, BTC/USD could still be in the danger of another slide and this time the target on the downside would be $7,200.

The cryptocurrency market is volatile at the moment but having banking institution with interest in the space speaks a lot about how far the market has come. Moreover, it could mean more growth for the virtual currencies especially when it comes to adoption into the financial sector.

Thank you

Interested to trade your cryptos like a Pro ?
As a trader, I recommend you the trading platform TRADESTO https://bit.ly/2qQA51X
Commission Of $10 per lot applies via this link !

You prefer simply exchange your crypto with the lowest fee possible ?
With my daily exchanges of cryptos, I can recommend you the platform COINBASE
https://bit.ly/2GS6Tgi