{"id":405155,"date":"2019-11-22T06:00:29","date_gmt":"2019-11-22T06:00:29","guid":{"rendered":"https:\/\/wncen.com\/?p=405155"},"modified":"2024-06-11T13:34:24","modified_gmt":"2024-06-11T13:34:24","slug":"bitcoin-btc-reaches-crucial-support-at-7-4k-larger-decline-in-play","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-reaches-crucial-support-at-7-4k-larger-decline-in-play\/","title":{"rendered":"Bitcoin (BTC) Reaches Crucial Support At $7.4K, Larger Decline In Play?"},"content":{"rendered":"<ul>\n<li>Bitcoin price is down 6% and tested $7,400 (discussed in the medium term outlook) against the US Dollar.<\/li>\n<li>The price is showing no signs of a strong recovery and remains at a risk below $7,800.<\/li>\n<li>There is a key contracting triangle forming with resistance near $7,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>A daily close below $7,400 could open the doors for a push towards $6,500 (as discussed in the recent <a href=\"https:\/\/wncen.com\/2019\/11\/19\/bitcoin-medium-term-outlook-here-is-why-btc-could-test-6-5k\/\" target=\"_blank\" rel=\"noopener noreferrer \">medium term outlook<\/a>).<\/li>\n<\/ul>\n<p><em>Bitcoin price is declining heavily below $7,800 and $7,600 against the US Dollar. The $7,400 support holds the key, below which BTC could eye a test of $6,500.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>In the recent medium term outlook, I discussed the chances of bitcoin declining further below $8,000 against the US Dollar. The <a href=\"https:\/\/wncen.com\/2019\/11\/21\/bitcoin-btc-price-diving-gates-to-7400-now-wide-open\/\" target=\"_blank\" rel=\"noopener noreferrer \">first major bearish target was $7,400<\/a> and BTC price did test the same in the recent decline.<\/p>\n<p>After struggling to recover above the $8,000 level and the 100 hourly simple moving average, there was a sharp decline. The price is down around 6% and it broke many supports near $7,800 and $7,600.<\/p>\n<p>Finally, the price tested the first major bearish target was $7,400 and a new monthly low was formed near $7,402. The price is currently correcting above the $7,500 level. Moreover, it traded above the 23.6% Fib retracement level of the recent drop from the $8,107 high to $7,402 low.<\/p>\n<p>However, the price is struggling to gain strength above $7,640. Additionally, there is a key contracting triangle forming with resistance near $7,650 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>If there is an upside break above $7,640 and $7,650, bitcoin price may perhaps test the next resistance near $7,755. It represents the 50% Fib retracement level of the recent drop from the $8,107 high to $7,402 low.<\/p>\n<p>The next major resistance is near the $7,825 level and a connecting bearish trend line on the same chart. Therefore, the price must climb above the $7,825 and $8,000 levels to move into a positive zone.<\/p>\n<p>Conversely, there could be another breakdown below $7,500 and $7,400. Should there be a daily close below $7,400, the price is likely to accelerate further lower. An initial support is near the $7,200 level. Having said that, the price could even aim the $6,500 support area (the next major bearish target).<\/p>\n<figure id=\"attachment_405157\" aria-describedby=\"caption-attachment-405157\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-27.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-405157\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-27.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-27.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-27.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-27.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-27.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-27.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-27.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/11\/Bitcoin-27.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-405157\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is trading near a major support at $7,400. Thus, there are chances of a decent recovery above $7,800. On the other hand, the price could aim a larger bearish wave below $7,400.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is slowly moving in the bullish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering and is above the 30 level.<\/p>\n<p>Major Support Levels \u2013 $7,500 followed by $7,400.<\/p>\n<p>Major Resistance Levels \u2013 $7,640, $7,825 and $8,000.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is down 6% and tested $7,400 (discussed in the medium term outlook) against the US Dollar. The price is showing no signs of a strong recovery and remains at a risk below $7,800. There is a key contracting triangle forming with resistance near $7,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken). A daily close below $7,400 could open the doors for a push towards $6,500 (as discussed in the recent medium term outlook). Bitcoin price is declining heavily below $7,800 and $7,600 against the US Dollar. The $7,400 support holds the key, below which BTC could eye a test of $6,500. Bitcoin Price Analysis In the recent medium term outlook, I discussed the chances of bitcoin declining further below $8,000 against the US Dollar. The first major bearish target was $7,400 and BTC price did test the same in the recent decline. After struggling to recover above the $8,000 level and the 100 hourly simple moving average, there was a sharp decline. The price is down around 6% and it broke many supports near $7,800 and $7,600. Finally, the price tested the first major bearish target was $7,400 and a new monthly low was formed near $7,402. The price is currently correcting above the $7,500 level. Moreover, it traded above the 23.6% Fib retracement level of the recent drop from the $8,107 high to $7,402 low. However, the price is struggling to gain strength above $7,640. Additionally, there is a key contracting triangle forming with resistance near $7,650 on the hourly chart of the BTC\/USD pair. If there is an upside break above $7,640 and $7,650, bitcoin price may perhaps test the next resistance near $7,755. It represents the 50% Fib retracement level of the recent drop from the $8,107 high to $7,402 low. The next major resistance is near the $7,825 level and a connecting bearish trend line on the same chart. Therefore, the price must climb above the $7,825 and $8,000 levels to move into a positive zone. Conversely, there could be another breakdown below $7,500 and $7,400. Should there be a daily close below $7,400, the price is likely to accelerate further lower. An initial support is near the $7,200 level. Having said that, the price could even aim the $6,500 support area (the next major bearish target). Looking at the chart, bitcoin price is trading near a major support at $7,400. Thus, there are chances of a decent recovery above $7,800. On the other hand, the price could aim a larger bearish wave below $7,400. Technical indicators: Hourly MACD \u2013 The MACD is slowly moving in the bullish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently recovering and is above the 30 level. Major Support Levels \u2013 $7,500 followed by $7,400. Major Resistance Levels \u2013 $7,640, $7,825 and $8,000.<\/p>\n","protected":false},"author":67,"featured_media":404274,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119],"class_list":["post-405155","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Reaches Crucial Support At $7.4K, Larger Decline In Play?<\/title>\n<meta name=\"description\" content=\"Bitcoin price is declining heavily below $7,800 and $7,600 against the US Dollar. 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The $7,400 support holds the key, below which BTC could eye a test of $6,500.","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/wncen.com\/news\/bitcoin-btc-reaches-crucial-support-at-7-4k-larger-decline-in-play\/","og_locale":"en_US","og_type":"article","og_title":"Bitcoin (BTC) Reaches Crucial Support At $7.4K, Larger Decline In Play?","og_description":"Bitcoin price is declining heavily below $7,800 and $7,600 against the US Dollar. 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