{"id":420642,"date":"2020-04-13T03:48:51","date_gmt":"2020-04-13T03:48:51","guid":{"rendered":"https:\/\/wncen.com\/?p=420642"},"modified":"2024-06-11T13:47:25","modified_gmt":"2024-06-11T13:47:25","slug":"bitcoin-turned-sell-rejection-above-7k","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-turned-sell-rejection-above-7k\/","title":{"rendered":"Bitcoin Turned \u2018Sell\u2019 After A Key Technical Rejection Above $7K"},"content":{"rendered":"<p><em>Bitcoin was rejected above the $7,000 level and it declined heavily against the US Dollar. BTC price is currently trading in a bearish zone and it could continue to slide towards $6,400.<\/em><\/p>\n<ul>\n<li>Bitcoin is showing a lot of bearish signs below the $7,000 pivot level against the US Dollar.<\/li>\n<li>There was a key technical rejection near the $7,200 area and the 100 hourly SMA.<\/li>\n<li>There is a crucial bearish trend line forming with resistance near $7,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n<li>The pair is likely to continue lower as long as it is below the $7,200 level.<\/li>\n<\/ul>\n<h2>Bitcoin Turns Red<\/h2>\n<p>After forming a <a href=\"https:\/\/wncen.com\/2020\/04\/12\/bitcoin-100-sma-produce-new-rally\/\" target=\"_blank\" rel=\"noopener \">support base above the $6,700 level<\/a>, bitcoin price started a fresh increase against the US Dollar. BTC price climbed above the $6,900 and $7,000 levels, but it failed to gain bullish momentum.<\/p>\n<p>It seems like the price was rejected above the $7,000 level and the 100 hourly simple moving average. More importantly, there is a crucial bearish trend line forming with resistance near $7,150 on the hourly <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/\" target=\"_blank\" rel=\"noopener nofollow\">chart<\/a> of the BTC\/USD pair.<\/p>\n<figure id=\"attachment_420643\" aria-describedby=\"caption-attachment-420643\" style=\"width: 1828px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-10.png\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-420643\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-10.png?resize=1828%2C868\" alt=\"Bitcoin Price\" width=\"1828\" height=\"868\" srcset=\"https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-10.png?w=1828 1828w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-10.png?w=460 460w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-10.png?w=768 768w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-10.png?w=860 860w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-10.png?w=1536 1536w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-10.png?w=750 750w, https:\/\/wncen.com\/wp-content\/uploads\/2020\/04\/Bitcoin-10.png?w=1140 1140w\" sizes=\"(max-width: 1000px) 100vw, 1000px\"><\/a><figcaption id=\"caption-attachment-420643\" class=\"wp-caption-text\">Bitcoin Price<\/figcaption><\/figure>\n<p>The pair formed a high near the $7,218 and declined heavily. It trimmed all its gains and even broke the $6,700 support area. A new weekly low is formed near the $6,559 level and the price is currently correcting higher.<\/p>\n<p>It is trading near the 23.6% Fib retracement level of the recent decline from the $7,218 high to $6,559 low. An immediate resistance on the upside is near the $6,750 level (the recent breakdown zone).<\/p>\n<p>If there are more gains above $6,750, bitcoin price might correct higher towards the $6,880 and $6,900 levels. The 50% Fib retracement level of the recent decline from the $7,218 high to $6,559 low is also near the $6,888 level to act as a resistance.<\/p>\n<p>The main hurdle is now near the $7,150 and $7,200 levels, above which the price is likely to gain bullish momentum in the near term.<\/p>\n<h2>More Downsides?<\/h2>\n<p>If bitcoin fails to recover above $6,750 or $6,900, there are <a href=\"https:\/\/wncen.com\/2020\/04\/08\/bitcoin-price-btc-reversed-8k-likely-target\/\" target=\"_blank\" rel=\"noopener \">chances of more downsides<\/a>. An initial support is near the $6,600 level, below which the price might even decline below $6,500.<\/p>\n<p>The next key support is near the $6,400 level, followed by $6,200 where the bulls are likely to take a stand.<\/p>\n<p>Technical indicators:<\/p>\n<p>Hourly MACD \u2013 The MACD is currently showing a lot of bearish signs.<\/p>\n<p>Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 40 level.<\/p>\n<p>Major Support Levels \u2013 $6,500 followed by $6,200.<\/p>\n<p>Major Resistance Levels \u2013 $6,880, $7,000 and $7,150.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin was rejected above the $7,000 level and it declined heavily against the US Dollar. BTC price is currently trading in a bearish zone and it could continue to slide towards $6,400. Bitcoin is showing a lot of bearish signs below the $7,000 pivot level against the US Dollar. There was a key technical rejection near the $7,200 area and the 100 hourly SMA. There is a crucial bearish trend line forming with resistance near $7,150 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair is likely to continue lower as long as it is below the $7,200 level. Bitcoin Turns Red After forming a support base above the $6,700 level, bitcoin price started a fresh increase against the US Dollar. BTC price climbed above the $6,900 and $7,000 levels, but it failed to gain bullish momentum. It seems like the price was rejected above the $7,000 level and the 100 hourly simple moving average. More importantly, there is a crucial bearish trend line forming with resistance near $7,150 on the hourly chart of the BTC\/USD pair. The pair formed a high near the $7,218 and declined heavily. It trimmed all its gains and even broke the $6,700 support area. A new weekly low is formed near the $6,559 level and the price is currently correcting higher. It is trading near the 23.6% Fib retracement level of the recent decline from the $7,218 high to $6,559 low. An immediate resistance on the upside is near the $6,750 level (the recent breakdown zone). If there are more gains above $6,750, bitcoin price might correct higher towards the $6,880 and $6,900 levels. The 50% Fib retracement level of the recent decline from the $7,218 high to $6,559 low is also near the $6,888 level to act as a resistance. The main hurdle is now near the $7,150 and $7,200 levels, above which the price is likely to gain bullish momentum in the near term. More Downsides? If bitcoin fails to recover above $6,750 or $6,900, there are chances of more downsides. An initial support is near the $6,600 level, below which the price might even decline below $6,500. The next key support is near the $6,400 level, followed by $6,200 where the bulls are likely to take a stand. Technical indicators: Hourly MACD \u2013 The MACD is currently showing a lot of bearish signs. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is now well below the 40 level. Major Support Levels \u2013 $6,500 followed by $6,200. Major Resistance Levels \u2013 $6,880, $7,000 and $7,150.<\/p>\n","protected":false},"author":67,"featured_media":417446,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119,1144],"class_list":["post-420642","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Bitcoin Turned \u2018Sell\u2019 After A Key Technical Rejection Above $7K<\/title>\n<meta name=\"description\" content=\"Bitcoin was rejected above the $7,000 level and it declined heavily. 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