{"id":136782,"date":"2018-05-28T04:48:28","date_gmt":"2018-05-28T08:48:28","guid":{"rendered":"https:\/\/insidebitcoins.com\/?p=136782"},"modified":"2021-09-11T06:20:30","modified_gmt":"2021-09-11T10:20:30","slug":"bitcoin-price-watch-btc-usd-upsides-remain-limited","status":"publish","type":"post","link":"https:\/\/insidebitcoins.com\/news\/bitcoin-price-watch-btc-usd-upsides-remain-limited","title":{"rendered":"Bitcoin Price Watch: BTC\/USD Upsides Remain Limited"},"content":{"rendered":"

Key Points Bitcoin price is struggling to hold the $7,250-7,300 support area against the US Dollar. There are two bearish trend lines formed with resistances at $7,400 and $7,510 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair remains at a risk of more losses if it breaks the $7,150 support level.<\/p>\n

Bitcoin price is moving further into the bearish zone below $7,400 against the US Dollar. BTC\/USD must remain above $7,000 to avoid a sharp decline.<\/em><\/p>\n

Bitcoin Price Analysis<\/p>\n

There were a couple of rejections<\/a> noted around $7,500 level in bitcoin price against the US Dollar. The BTC\/USD pair started a downside move and declined below the $7,400 and $7,300 support levels. It even settled below the $7,400 pivot and the 76.4% Fib retracement level of the last wave from the $7,260 low to $7,648 high. It opened the doors for more losses and the price declined below the $7,260 low.<\/p>\n

The current price action suggests a downside break below $7,260 with a bearish angle. At the moment, the price is testing the 1.236 Fib extension level of the last wave from the $7,260 low to $7,648 high. If the price breaks the $7,150 level, there could be more losses towards the $7,000 level. The 1.618 Fib extension level of the last wave from the $7,260 low to $7,648 high is at $7,020 to act as a support. Further below this, the price could decline towards $6,800. On the upside, there are two bearish trend lines<\/a> formed with resistances at $7,400 and $7,510 on the hourly chart of the BTC\/USD pair.<\/p>\n

Looking at the chart<\/a>, the price may struggle to break the $7,300 and $7,400 resistance levels. Only a close above $7,500 could clear the path for a bullish trend in the near term.<\/p>\n

Looking at the technical indicators:\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0\u00a0 <\/strong><\/p>\n

Hourly MACD<\/strong> \u2013 The MACD for BTC\/USD is moving in the bearish zone.<\/p>\n

Hourly RSI (Relative Strength Index) <\/strong>\u2013 The RSI is now well below the 40 level.<\/p>\n

Major Support Level<\/strong> \u2013 $7,020<\/p>\n

Major Resistance Level<\/strong> \u2013 $7,400<\/p>\n

The post Bitcoin Price Watch: BTC\/USD Upsides Remain Limited<\/a> appeared first on NewsBTC<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Key Points Bitcoin price is struggling to hold the $7,250-7,300 support area against the US Dollar. There are two bearish trend lines formed with resistances […]<\/a><\/div>","protected":false},"author":168,"featured_media":136783,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-136782","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-more-crypto-news"],"acf":[],"yoast_head":"\nBitcoin Price Watch: BTC\/USD Upsides Remain Limited - InsideBitcoins.com<\/title>\n<meta name=\"description\" content=\"BTC price is moving further into the bearish zone below $7,400. 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