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 as per Bitcoin price projection 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:
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.
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:
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.
