Price Analysis

BTC Marks a Fresh Weekly Decline Below $7k; Retains Short-term Support

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Bitcoin, at the time of penning down this article, was trading at $7,186.80. Important to note that the BTC price has hit a fresh weekly low around $6,400 in the past 24 hours. Currently, the coin’s momentum is correcting upwards, as it has again moved above $7,000.

Bitcoin has marked this fresh decline below $7,000 after a fortnight now. Accordingly, the market cap of the coin has also marked a notable decrease. However, the current price correction shows a positive movement at present.

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BTC/USD Chart By TradingView

Analyzing the 4-hourly movement of BTC/USD on Bitstamp, we see that the coin has been moving quite volatile in the given time frame. Bitcoin trading price also seems to form a declining price channel if it maintains the current momentum and trend of trading. The 20-day Bollinger Bands laid also confirm the upcoming volatility as the Bands widen. Also, the candles are seen hitting and breaking through the lower Bollinger Band.

However, it is still supported by the short-term and medium-term MA, as the long-term MA is away due to the intraday fall in the price of BTC. At present, we foresee a tailing decline; therefore, we believe that if the coin falls further, investors should mark a stop loss and TP.

Technical Indicators:

BTC Chart Analysis

The technical indicators laid confirm the bearishness due to intraday fall in the price, as the MACD of the coin is running below zero but holds a slight bullish crossover as currently, the price is above $7,000.

The RSI of Bitcoin is at 52.54 and is seen trending upwards, marking away from the oversold region.

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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