Bitcoin price is facing a strong resistance near the $7,400 level. However, the BTCUSD pair must surpass the $7,400 resistance to start a fresh recovery.
In the past two days, the price of Bitcoin (BTC) resumed a fresh decline after a recovery to the $7,862 swing high. The market traded below the $7,600 and $7,400 support levels and opened the doors for more losses below the $7,300 level. Finally, the price traded to a new weekly low at $7,159 and it is currently correcting higher.
At the time of writing, Bitcoin price is trading at $7,316.
On the upside, if more buyers emerge, the crypto’s price will rise and retest the $7,600 and $7,800 level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
On the 1-hour chart, BTCUSD price is currently trading above the $7,300 level. However,it seems like the price could retest the $7,200 support level before it could make an attempt to climb above $7,400 in the short term.
Meanwhile, the MACD line and the signal line are above the zero line which indicates a buy signal.
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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