- The largest cryptocurrency is currently navigating the sea of red.
- The price is still above EMA200 to show that there is still potential for growth.
Bitcoin is on the move, however, this time it is moving downwards as opposed to the upward move we saw since the beginning of the week. The largest cryptocurrency is currently navigating the sea of red. In less than an hour, Bitcoin has corrected lower 4.32%. Besides, the price has slipped below $8,000; a level that we had discussed earlier as the key support.
Looking at the chart for BTC/USD trading pair, we see Bitcoin seeking support at the 100 Simple Moving Average (SMA) at $7,750. Fortunately, the price is still above EMA200 to show that there is still potential for growth.
As far as other technical levels are concerned, Bitcoin is likely to continue exploring the levels towards $7,000 in the coming sessions. Meanwhile, the MACD is reaching into the negative region to show that the price will stay in the bearish mode for some time and therefore it could a good time for traders to change their positions.
BTC/USD 1-hour chart