Bitcoin is facing a crucial resistance near $8,200 against the US Dollar (as discussed yesterday). BTC price could trade in a range for a few sessions before the next move.
- Bitcoin is trading in a bearish zone below the $8,200 resistance area against the US Dollar.
- The bulls are putting up a fight to defend the $7,800 and $7,700 support levels.
- There is a key contracting triangle forming with resistance near $7,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could make another attempt to surpass the main $8,200 resistance area in the near term.
Bitcoin is Facing Hurdles
Yesterday, we discussed the chances of a short term recovery in bitcoin towards the $8,200 resistance area against the US Dollar. BTC price did start an upward move above the $8,000 and $8,100 levels.
However, the price failed to gain strength above the $8,180 and $8,200 resistance levels. A swing high was formed near $8,165 and the price remained well below the 100 hourly simple moving average.Fresh Decline?
If bitcoin fails to continue above the $8,000 pivot level or the $8,200 resistance zone, there is a risk of a fresh decline in the coming sessions.An initial support is near the $7,640 level, below which the price is likely to dive towards the main $7,500 support area (as discussed using the daily chart).