Bitcoin is Still on The Downside
The price of BTC/USD is showing signs of a renewed upward move. However, the price needs to maintain a level over $7,150 in preparation for a fresh move towards the hurdle at $7,500.
The price was able to form a fresh weekly high close to $7,531 prior to the beginning of retracement to the downside. The price fell under the supports at $7,400 and $7,300.
Further, the price closed under $7,300 and the 100 hourly SMA. Eventually, the price declined under the support at $7,200, but did not go under the support zone at $7,150.
The price established a low close to $7,179 and it is now consolidating its losses over the $7,200 level. The next hurdle is close to $7,240. A look at the hourly chart of BTC against the USD revealed the formation of a selling trend line with hurdle close to $7,240.
Notwithstanding, the initial key resistance is close to $7,300 and the 100 hourly SMA. If the price surges over the $7,300 hurdle, it could take move towards the $7,400 hurdle.
In conclusion, the ability of the price to surge over the hurdle at $7,400 could position it for a bigger upward move towards the hurdles at $7,500 and $7,600. Any additional upsurge could lead to $8,000.
On the other hand, the price could struggle to surge over the hurdle at $7,300 and the 100 hourly simple moving average. If such happens, the price is at risk of a bearish breakdown under the supports at $7,200 and $7,150.
Featured image courtesy of Shutterstock. Source: Cryptopress.