Bitcoin Faces Firm Resistance Above $7,400 and Holds Bearishness

  • Bitcoin price today trades above $7,200 and $7,300 after having dropped near to $7,000
  • BTC price soared as high as $7,772.62 in the past five days, but currently faces resistance at $7,400 followed by $7,500
  • The currency continues to trade in the selling zone; gains support from 5-day EMA and SMA

Bitcoin (BTC) currently trades in between, and there can be two instances wherein the price can either rally above the major resistance at $7,500 or hit the major support at $7,000. As per the current movement of BTC/USD on Coinbase, we do not foresee a downward breakout and until it is trading above $7,200 the risk of further breakdown is hedged.

Bitcoin Price Prediction:

Bitcoin Chart
BCH/USD Price Chart by TradingView

Analyzing the half-hourly movement of BTC, we see that the coin narrowed down its movement and had a sudden upward breakout at $7,772.62. Unable to hold this illusionary move, the coin hit the fresh bottom just around $7,000 but did not eye below it. Currently, the price of Bitcoin is $7,358.35—at the time of penning down. As per the Bollinger Bands formation, there seems to be no volatility in the upcoming days.

Bitcoin Faces Firm Resistance Above $7,400 and Holds Bearishness

However, instead of extreme breakouts below the lower Bollinger Band, it has remained stable above $7,000. After having hit bottom at $7,086.77, BTC started consolidating upwards, which is an ultimate sigh of relief. Because, if hits even lower, we lose every hope of an embracing close to the year 2019.

Technical Indicators:

Bitcoin Faces Firm Resistance Above $7,400 and Holds Bearishness

Just when the price of BTC hit $7,700 price area, the RSI broke out the overbought region, while currently consolidates around 47.55—showing no extremities.

The MACD of the coin is inclined to zero and holds a bearish crossover as it is facing firm resistance below $7,400 and $7,500. According to the current price formation and Bitcoin price forecast, the coin might face downside correction in the near term.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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