Bitcoin Bulls Struggle while Bears are Still in Control
The price established a close under the support at $7k and continued to the downside. It was such that the price reached a level under the support zone at $6,800, thereby settling well under the 100 hourly SMA.
The bears continued to drive the price to under the support at $6,600, close to the support zone at $6,500, thereby forming a fresh low in the month close to $6,565.
At the moment, the price is into correction to the upside and is over $6,600. Nevertheless, it seems that resistance exists at $6,700. A look at the hourly chart of BTC against the USD shows the formation of a fresh connecting selling trend line with hurdle close to $6,740.
Hence, the initial key resistance is close to two levels at $6,740 and $6,800. The occurrence of an upside break over the hurdle at $6,800 could bring a resistance close to $7,000. There is a need for the price to close over the $7,000 pivot level and the 100 hourly SMA to have a moderate recovery and possibly bring about a change.
On the other hand, the price may keep the downtrend under $6,600. A look at the downside reveals two critical supports at $6,500 and $6,200. The major support is close to $6,200 and is likewise multi-month support as well as hurdle zone.
Featured image courtesy of Shutterstock. Source: CryptoPress.