Bitcoin and the aggregated cryptocurrency markets have faced increasing selling pressure as of late that appears to have put their recently established upwards momentum in jeopardy.
BTC/USD Dominant Trend: Bearish
Resistance Levels: $9000, $9200, $9400
Support Levels: $6500, $6300, $6100
Bitcoin Price Analysis
As at the time of writing, the Bitcoin price is trading at $7643. The prices of the cryptocurrency are trading below the moving average with a period of 50 days, which indicates a downward trend in Bitcoin. For the time being, the prices of the cryptocurrency are moving near the lower limit of the Bollinger band indicator. As part of the Bitcoin exchange rate forecast, a support level of $6,500 is expected. In addition, one expects an attempt to continue the increase in the Bitcoin Price and the continuation of the uptrend. The objective of this movement is to provide a close to the $9,000 level. The conservative supply level for the purchase of Bitcoin is close to the lower limit of the Bollinger Bands indicator at $9,000. The 4-hour RSI is moving into the oversold territory to continue showing signs of selling.
In addition, the cancellation of the option to continue lowering the Bitcoin Price will correspond to the supply breakdown of the upper edge of the Bollinger Bands indicator, as well as to the moving average with a period of 50 days and the closing of the pair’s quotes above the supply level of $9200. This will indicate a change in the current uptrend of Bitcoin price. In the case of breakage of the upper edge of the Bollinger bands, it is expected that the increase of the cryptocurrency will accelerate. This implies a supply level of $9,000. The area reserved for the purchase of Bitcoin is at the supply level of $9,400. By canceling the increase option, the cryptocurrency will be a breakdown of the demand level of $6,100. In this case, we can expect more falls.