- Bitcoin price is slowly declining and it recently broke the $7,200 support area against the US Dollar.
- The price is currently consolidating above $7,100 and likely to continue lower.
- Yesterday’s key declining channel is still active with resistance near $7,320 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could correct higher, but sellers are likely to remain in control near $7,200 and $7,250.
Bitcoin price is showing signs of additional losses below $7,000 against the US Dollar. BTC remains sell on rallies until there is a daily close above $7,400.
Bitcoin Price Analysis
Recently, bitcoin made a couple of attempts to settle above $7,380 and $7,400 against the US Dollar. However, BTC failed to gain bullish momentum above $7,400 and remained well below the 100 hourly simple moving average.
As a result, the bears took over and the price declined below the $7,320 support. Moreover, there was a break below the key $7,200 and $7,180 support levels.The main resistance on the upside is near the $7,240 level (the recent breakdown level). Besides, it is close to the 50% Fib retracement level of the recent decline from the $7,365 high to $7,108 low.
More importantly, yesterday’s key declining channel is still active with resistance near $7,320 on the hourly chart of the BTC/USD pair. Above the channel resistance, the main resistance is near the $7,400 level and the 100 hourly simple moving average.
