Bitcoin Begins New Year with Bearish Bias
The price of BTC/USD is trying to maintain major supports. The price is still at risk of additional moves to the downside towards $7,000 and $6,880, prior to a modest upward move.
The price of BTC has been declining steadily under the support at $7320 within the previous few sessions. Further, it was able to settle under $7,320 and the 100 hourly SMA.
The fall in recent times led to price levels under the supports at $7,200 and $7,150. The price was able to form a fresh low in the week, close to $7,109. Currently, the price is into correction to the upside over $7,150.
Further, a look at the hourly chart of BTC against the USD reveals a surge over a key selling trend line with hurdle close to $7,185.
On the same chart, it is like a short term ascending channel is being formed with hurdle close to $7,250. The initial major hurdle is close to $7,275 level and the 100 hourly SMA. The immediate key hurdle is close to $7,320.
If the price closes over the hurdle at $7,320, it could position it for a powerful upward move. If such happens, the price could keep rising towards the hurdles at $7,400 and $7,500.
Contrariwise, the price could fail to keep up the move over $7,275 and $7,320. If it returns to the downside, it could fall further under $7,150. The next support is close to $7,100, and a move under the level may bring about a breakdown under $7,000.
Featured image courtesy of Shutterstock. Source: Cryptopress.