Bitcoin price must bring down the resistance at $7,408 in order to open the door for gains towards $8,000. Bitcoin price drop under $7,800 seems unlikely as long as $7,200 continues to function as a formidable support. Bitcoin price flipped bullish at the beginning of this week cementing the bulls’ position on the market. Higher price action reclaimed support above $7,000 and extended the bullish leg above $7,400. Although, buyers pushed higher, the resistance at $7,500 remains unconquered. At the time of writing, Bitcoin is trading at $7,287 while an intraday high has been reached at $7,426. The existing trend is bullish but the shrinking volatility hints that rapid price movement is not expected in the near term. The 4-hour chart shows that BTC/USD is likely to close the day bearish especially if the RSI keeps on retreating from the overbought. On the other hand, the MACD’s horizontal movement hints that sideways could continue in the near term. Bitcoin is unlikely to drop below $7,000 as long as $7,200 keeps on functioning as a credible support area. BTC/USD 4-hour chart Bitcoin price confluence levels The confluence detector shows Bitcoin bullish action lagging behind the initial resistance at $7,332 as highlighted by the SMA 100 15-minutes, the previous high 15-mins, the Bollinger Band one-day upper curve and the Fibonacci 61.8% one-day. If the bulls manage to clear this level’s resistance, they must brace for more hurdles at $7,408, which happens to the tipping point for BTC. Extended action above $7,408 will boost the price towards $8,000, however, if Bitcoin stalls, it could be ammunition for the bears, likely to force Bitcoin under $7,000. On the downside, the confluence tool places the first support at $7,256. Converging in this zone is the SMA 50 15-mins, previous low 1-hour, Bollinger band 15-mins lower and the BB 1-hour middle. Another key support area lies at $7,180 and is home to the Fibo 61.8% one-day. If push comes to shove and Bitcoin slides under $7,000, $6,725, $6,649 $6,573 are all tentative support areas. More on confluence levels FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next GBP/USD consolidates in a range, holds steady above 1.2300 mark FX Street 2 years Bitcoin price must bring down the resistance at $7,408 in order to open the door for gains towards $8,000. Bitcoin price drop under $7,800 seems unlikely as long as $7,200 continues to function as a formidable support. Bitcoin price flipped bullish at the beginning of this week cementing the bulls’ position on the market. Higher price action reclaimed support above $7,000 and extended the bullish leg above $7,400. Although, buyers pushed higher, the resistance at $7,500 remains unconquered. At the time of writing, Bitcoin is trading at $7,287 while an intraday high has been reached at $7,426. The existing trend… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
