Bitcoin (BTC) Continues a Gradual Slide to $7,000 as $7,800 Support Breaks.

Bitcoin (BTC) Continues a Gradual Slide to $7,000 as $7,800 Support Breaks.

Key Resistance Zones: $10,000, $11,000, $12,000
Key Support Zones: $7, 000, $6, 000, $5,000

BTC/USD Long-term Trend: Bearish
Bitcoin at present is approaching the low of $7,800.
The current downtrend broke the critical support levels of $8,400, $8,200 and it is approaching the low of $7,800. The current selling pressure was as a result of bulls’ failures to break the $9,200 resistance level. Earlier on the bulls have succeeded in breaking the upper range of $8,400 and $8,800.

The bulls push price above $9,000 price level but were stopped at $9,200 resistance. The next support to break is the $7,800 price level. On the downside, if the bears break the $7,800 support, BTC will fall either to the low of $7000 or $6,800. However, the upward movement of price is very unlikely as selling pressure is ongoing.

BTC/USD – Daily Chart

Daily Chart Indicators Reading:
Bitcoin is below 20% range of the daily stochastic. That is the price is in bearish momentum. The previous bullish momentum has turned to bearish as the bulls fail to break the $9,000 resistance level. The stochastic band is pointing and approaching the oversold region.

BTC/USD Medium-term Trend: Bullish
On the 4- hour chart, Bitcoin has a price breakdown; the market fell to the low of $7,800 and continued fluctuation. The bears may break the $7,800 low; price is likely to slump to the low of $7,000. From the current support, the downward move is possible if the selling pressure continues.

4-hour Chart Indicators Reading
The Relative Strength Index level 18. This indicates that Bitcoin has fallen into an oversold region of the market. At this moment, buyers are likely to emerge in the oversold region.

BTC/USD – 4 Hour Chart

General Outlook for Bitcoin (BTC)
Bitcoin is heading toward to the support at the low $7,000. The $7,800 support is likely likely to break giving ways to the bears to sink price. The bears are gaining ground because the bull’s power buying power dries up above $9,000 resistance.

Instrument: BTC/USD
Order: Sell
Entry price: $7808
Stop: $8,000
Target: $7,000

Note:Learn2Trade.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.