Bitcoin Price at Risk Below $7000

News / 02.01.2020

The price of BTC/USD is signaling some bearish signs under $7,300 and $7,260. The price may fall heavily following a surge under $7,000.

Within the previous few days, BTC buyers could not obtain traction over $7,320 and $7,300. Further, the price tried to increase steadily over $7,300, but could not maintain any level over $7,260.

At the moment, it is under $7,300 as well as the 100 hourly SMA. The price was able to form its recent swing high close to $7,235 prior to a decline under the support at $7,200. This paved the way for additional declines under $7,150 and $7,100.

Right now, the price is under the last swing low at $7,111. Nevertheless, the sellers could obtain momentum under $7,080. Following the bearish move, the price may aim at $7,000 in the sessions ahead.

More weakness under $7,000 could promote additional fall, and the price may visit the support zone at $6,800. A look at the upside on the hourly chart of BTC against the USD, reveals the formation of several hurdles close to $7,200 and $7,260.

Besides, a bearish channel is being formed with hurdle close to $7,180 on the chart. The price needs to break over the channel hurdle, $7,260, the 100 hourly simple moving average, and the $7,300 hurdle to begin a modest move to the upside towards the hurdle at $7,500.

 

Featured image courtesy of Shutterstock. Source: Cryptopress

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Dacosta Osei-Tutu, a first degree holder in Nursing, who couples his Nursing career with blockchain blogging, has a great passion for the blockchain technology and aims to play a vital role in applying this revolutionary technology to disrupt the healthcare system in Africa.