- Bitcoin resumes the downtrend as $6,500 beckons profusely.
- The buyers have a lifeline mission to defend $7,000 support and avert losses towards $6,500.
Bitcoin is exploring lower levels towards the support at $7,000. The downward momentum is occurring after a drab weekend that saw little to not upside action. Bitcoin, however, continuously pressed against key support levels including $7,400 and $7,200.
Meanwhile, BTC is trading at $7,230 after a 2.2% lower correction during the European session on Monday. The existing trend is bearish while the volatility is high. The losses at the beginning of the week are not unique to Bitcoin as Ethereum is down 1.84% and Ripple 2%. Other cryptocurrencies leading in declines include NEO, Litecoin and IOTA.
Bitcoin Confluence Levels
Bitcoin bulls have no choice but to barricade $7,000 and ensure that the region is impenetrable. Why? Because the next major support under $7,000 is seen at $6,565 and only highlighted by the previous month low and previous week low. A number of weak support zones are scattered at $6,715, $6,40 as well as $7,089.
On the upside, a number of resistance zones cloud the path towards $8,000. The initial hurdle at $7,314 is host to the Bollinger Band 1-hour, SMA 10 15-minutes and the Fibonacci 23.6% daily. The strongest resistance lies with $7,389 as highlighted using SMA 50 15-mins, Fibo 38.2% one-week, previous low 4-hour, previous low 4-hour, BB 1-hour middle curve, and the previous high 1-hour. Other key seller congestion zones include $7,614, $7,764 and $7,913.
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