{"id":405937,"date":"2019-12-02T06:00:12","date_gmt":"2019-12-02T06:00:12","guid":{"rendered":"https:\/\/wncen.com\/?p=405937"},"modified":"2024-06-11T13:34:44","modified_gmt":"2024-06-11T13:34:44","slug":"bitcoin-btc-signaling-bearish-continuation-7k-support-at-risk","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-btc-signaling-bearish-continuation-7k-support-at-risk\/","title":{"rendered":"Bitcoin (BTC) Signaling Bearish Continuation, $7K Support At Risk"},"content":{"rendered":"<ul>\n<li>Bitcoin price is struggling to hold a couple of important supports near $7,200 against the US Dollar.<\/li>\n<li>The price is likely to continue lower below the $7,200 and $7,000 support levels.<\/li>\n<li>There is a major bearish trend line forming with resistance near $7,390 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair could even revisit the $6,500 support area once it settles below the $7,000 support.<\/li>\n<\/ul>\n<p><em>Bitcoin price is facing a fresh round of selling below $7,400 against the US Dollar. BTC has likely turned sell on rallies near the $7,400 resistance area.<\/em><\/p>\n<h2>Bitcoin Price Analysis<\/h2>\n<p>After a nice recovery above the $7,500 resistance, bitcoin <a href=\"https:\/\/wncen.com\/2019\/12\/01\/bitcoin-weekly-forecast-btc-support\/\" target=\"_blank\" rel=\"noopener noreferrer \">struggled to gain strength above $7,700 and $7,800 levels<\/a> against the US Dollar. BTC traded as high as $7,874 and recently started a fresh decline.<\/p>\n<p>It broke the $7,630 and $7,500 support levels to enter a bearish zone. Moreover, there was a break below the 50% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high.<\/p>\n<p>The price is now trading below the $7,400 support and the 100 hourly simple moving average. An immediate support is near the $7,200 level. Currently, it seems like bitcoin is about to trade below the 61.8% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high.<\/p>\n<p>If there is a downside break below the $7,200 support area, the price could revisit the $7,000 support area. Additionally, an intermediate support is near the 76.4% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high.<\/p>\n<p>The bears are gaining momentum and if the price clears the <a href=\"https:\/\/wncen.com\/2019\/11\/28\/bitcoin-cash-likely-setting-up-for-crucial-upside-break\/\" target=\"_blank\" rel=\"noopener noreferrer \">$7,000 support<\/a>, there is a risk of a sharp decline. In the mentioned scenario, the price may perhaps revisit the $6,500 support area in the near term.<\/p>\n<p>On the upside, there is a key resistance forming near the $7,400 level. Besides, there is a major bearish trend line forming with resistance near $7,390 on the hourly chart of the BTC\/USD pair.<\/p>\n<p>Therefore, a clear break above the $7,400 resistance is needed for a fresh increase. Furthermore, the next immediate resistance is near the $7,500 level and the 100 hourly simple moving average.<\/p>\n<p><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-1.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-405938\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-1.png?resize=1828%2C868\" alt=\"Bitcoin Price \" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-1.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-1.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-1.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-1.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-1.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-1.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2019\/12\/Bitcoin-1.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><\/p>\n<p>Looking at the <a href=\"https:\/\/www.tradingview.com\/symbols\/XBTUSD\/\" target=\"_blank\" rel=\"noopener noreferrer nofollow\">chart<\/a>, bitcoin price is under a lot of pressure below the $7,400 level and it seems like it could continue to move down towards $7,000 or even $6,800.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is gaining pace in the bearish zone.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and it is closing towards the 30 level.<\/p>\n<p>Major Support Levels \u2013 $7,200 followed by $7,000.<\/p>\n<p>Major Resistance Levels \u2013 $7,400, $7,500 and $7,700.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin price is struggling to hold a couple of important supports near $7,200 against the US Dollar. The price is likely to continue lower below the $7,200 and $7,000 support levels. There is a major bearish trend line forming with resistance near $7,390 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could even revisit the $6,500 support area once it settles below the $7,000 support. Bitcoin price is facing a fresh round of selling below $7,400 against the US Dollar. BTC has likely turned sell on rallies near the $7,400 resistance area. Bitcoin Price Analysis After a nice recovery above the $7,500 resistance, bitcoin struggled to gain strength above $7,700 and $7,800 levels against the US Dollar. BTC traded as high as $7,874 and recently started a fresh decline. It broke the $7,630 and $7,500 support levels to enter a bearish zone. Moreover, there was a break below the 50% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high. The price is now trading below the $7,400 support and the 100 hourly simple moving average. An immediate support is near the $7,200 level. Currently, it seems like bitcoin is about to trade below the 61.8% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high. If there is a downside break below the $7,200 support area, the price could revisit the $7,000 support area. Additionally, an intermediate support is near the 76.4% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high. The bears are gaining momentum and if the price clears the $7,000 support, there is a risk of a sharp decline. In the mentioned scenario, the price may perhaps revisit the $6,500 support area in the near term. On the upside, there is a key resistance forming near the $7,400 level. Besides, there is a major bearish trend line forming with resistance near $7,390 on the hourly chart of the BTC\/USD pair. Therefore, a clear break above the $7,400 resistance is needed for a fresh increase. Furthermore, the next immediate resistance is near the $7,500 level and the 100 hourly simple moving average. Looking at the chart, bitcoin price is under a lot of pressure below the $7,400 level and it seems like it could continue to move down towards $7,000 or even $6,800. Technical indicators: Hourly MACD \u2013 The MACD is gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently declining and it is closing towards the 30 level. Major Support Levels \u2013 $7,200 followed by $7,000. Major Resistance Levels \u2013 $7,400, $7,500 and $7,700.<\/p>\n","protected":false},"author":67,"featured_media":344597,"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-405937","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\n<title>Bitcoin (BTC) Signaling Bearish Continuation, $7K Support At Risk<\/title>\n<meta name=\"description\" content=\"Bitcoin price is facing a fresh round of selling below $7,400 against the US Dollar. 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