Bitcoin Price Weekly Analysis: Can BTC/USD Hold $7K?
Key Points
Bitcoin cost stayed in a bearish zone over the $7,000 bolster against the US Dollar.
There is a key declining channel shaping with opposition at $7,600 on the 4-hours diagram of the BTC/USD combine (information encourage from Kraken).
The combine needs to remain over the $7,200 and $7,000 bolster levels to maintain a strategic distance from a noteworthy drawback break.
Bitcoin cost is exchanging admirably underneath the $7,600 rotate level against the US Dollar. In the event that BTC/USD breaks the $7,000-7,200 help, there could be overwhelming decreases.
Bitcoin Price Decline
This previous week, there were overwhelming misfortunes from the $8,500 swing high in bitcoin cost against the US Dollar. The cost declined forcefully and broke two imperative help levels at $8,150 and $7,900. The decay was with the end goal that the cost even broke the $7,600 turn level. It exchanged near the $7,000 level and discovered help close $7,200. A low was framed at $7,220 before the cost began solidifying in a range.
It exchanged a couple of focuses over the 23.6% Fib retracement level of the last decay from the $8,606 high to $7,220 low. Be that as it may, purchasers neglected to pick up energy over the $7,600 rotate level. In this way, the cost is in a downtrend beneath $7,600. All the more essentially, there is a key declining channel framing with opposition at $7,600 on the 4-hours outline of the BTC/USD match. A break over the channel obstruction and $7,650 is required for an upside push. Above $7,650, the following obstacle for purchasers lounges around the $7,950 and $8,000 levels.
Taking a gander at the diagram, the cost is attempting to recuperate above $7,600. On the drawback, there is a significant help at $7,200. A break beneath the expressed help at $7,200 could open the entryways for more decreases underneath the $7,000 level.
Taking a gander at the specialized markers:
4-hours MACD – The MACD for BTC/USD is attempting to pick up pace in the bullish zone.
4-hours RSI (Relative Strength Index) – The RSI is presently simply over the 30 level.
Significant Support Level – $7,200
Significant Resistance Level – $7,600
Dear imranptk,
Firstly, I am more a fan of daily timeframes - mid and long term, not short term. But yes, 4hour charts can be helpful too sometimes.
Secondly, Kraken is good but I think it is the best if you use the "BraveNewCoin Liquid Index for Bitcoin" because it shows the "altogether btc movement" if I do not mix anything up.
And thirdly, I generally agree with your article my friend - well done. Support and resistance levels.
Yours truly, Gandalf The White
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