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Key Features :
.Bitcoin price decreases below $7260 and moved into a bearish Hardest zone against the United States Dollar...
.There is a major bearish hard trend line formed with resistance at $7320 on the 4-hours chart of the BTC/USD pair (data .feed from Kraken)...
.He pair must clear the $7,260 and $7,320 resistances to move back in a positive zone.
Bitcoin Price Upside Arrows :
.This past week, there was a sharp downside move from well above $7650 in bitcoin price against the US Dollar. The BTC/USD pair declined and broke the $7550 and $7270 support levels to move into a bearish zone. It even traded below the $7000 level and is currently well below the 100 simple moving average (4-hours)... A new monthly low was formed at $6890 and the price is currently consolidating...
An initial resistance on the upside is near the 23.6% Fib Retracement level of the last dip from the $8,297 high to $6,881 low. More importantly, there is a major bearish trend line formed with resistance at $7,320 on the 4-hours chart of the BTC/USD pair. Below the trend line resistance, the previous support at $7270 is a crucial resistance. Therefore, the $7260 and $7320 resistances are major barriers for more gains in BTC in the near term. Should there be a break above $7320,.. the price could recover. The next resistance awaits near $7700 and the 50% Fib Retracement level of the last dip from the $8297 high to $6881 low.
Bitcoin price tuned bearish run with a close below $7270 against the United State Dollar. BTC/USD’s upsides remain capped near the $7250 and $7330 levels in the near term.....
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