Let’s have a closer look at what is going on the Hourly chart. The price has jumped below $7,199 support area and is trading there currently. Bitcoin has chosen the red scenario (bearish) on Monday. BTC/USD slides down along the red midterm descending trend line.
Possible ways for Bitcoin are the following:
1. Red scenario (bearish). BTC/USD will continue to fall without any significant correction or after a correction towards the closest resistance area at $7,199. The closest targets for BTC/USD are 2.618 retracement level and the support area at $6,943.
2. Orange scenario (neutral). Bitcoin will jump over the closest resistance area at $7,199 and move higher targeting the next resistance area at $7,565, which coincides with 1.618 retracement level. Once those targets reached, BTC/USD will reverse towards $7,199.
3. Green scenario (bullish correction). There are still chances that buyers will be able to make a kind of a correction. The price will reach $7,565 and move higher targeting $7,949 resistance area, which coincides with 1 retracement level.
Check the full crypto analysis HERE>>>.
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