With markets drowning in so much US-China trade news as of late, it’d be remiss of us not to notice Bitcoin’s sizable fall for the last 24 hours. Chinese authorities have raided Binance’s offices in Shanghai and shutting down it. Authorities in China obviously have extended their crackdown on crypto-related activities.
BTC/USD broke 200-day SMA to the downside and now is trading at the lowest level in a month. Additionally, there is a key contracting triangle forming with resistance near $7,600 on the hourly chart. Will be interesting in which direction the triangle will be broken.
A close below Oct. lows could push Bitcoin towards the intersection of May 17, 2019 low and the multi-month support trend line in the $7,000-$6,600 region.
But Bitcoin is sitting above several key support areas including $7,488 and $7,333. The first support is related to the H1 Bollinger Bands lower line. The second one is the previous month low. The H1 RSI for BTC/USD is currently recovering and is around the 50 level.
On upside, the first resistance area is at $7,800 and $8,000. Bitcoin would need the support of the broader market to break back through to $8,000 levels. In that case the October's highs $9,560 and $9,948 will be the next key resistance.
BTC/USD broke 200-day SMA to the downside and now is trading at the lowest level in a month. Additionally, there is a key contracting triangle forming with resistance near $7,600 on the hourly chart. Will be interesting in which direction the triangle will be broken.
A close below Oct. lows could push Bitcoin towards the intersection of May 17, 2019 low and the multi-month support trend line in the $7,000-$6,600 region.
But Bitcoin is sitting above several key support areas including $7,488 and $7,333. The first support is related to the H1 Bollinger Bands lower line. The second one is the previous month low. The H1 RSI for BTC/USD is currently recovering and is around the 50 level.
On upside, the first resistance area is at $7,800 and $8,000. Bitcoin would need the support of the broader market to break back through to $8,000 levels. In that case the October's highs $9,560 and $9,948 will be the next key resistance.
Comment:
Our bearish scenario was fulfilled and the price hit $ 6,618 early this morning.
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