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March 18, 2019
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Bitcoin Price Watch: BTC/USD Not Out of Woods Yet

Key Points

  • Bitcoin price declined further and traded below the $7,500 support level against the US Dollar.
  • There was a break below a declining channel with support at $7,365 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is finding a strong buying interest near $7,250, which could ignite an upward move.

Bitcoin price declined towards the $7,250 support against the US Dollar. BTC/USD could recover if buyers manage to keep the price above $7,250.

Bitcoin Price Analysis

There were further slides noted underneath the $7,650 level in bitcoin cost against the US Dollar. The BTC/USD combine declined and broke the $7,500 and $7,450 bolster levels. It appears as though purchasers neglected to keep the cost over the $7,500 bolster, which could be a fleeting bearish flag. Amid the decay, there was a break beneath a declining channel with help at $7,365 on the hourly outline.

The cost exchanged near the $7,250 bolster and framed a low at $7,258. Right now, the cost is solidifying increases above $7,255 with positive signs. It is presently trying the broken channel bolster at $7,365. The 23.6% Fib retracement level of the last decay from the $7,705 swing high to $7,258 low is additionally close $7,370. Over this, the cost is probably going to over the $7,400 level. The following key obstruction is close $7,500 and a bearish pattern line on a similar diagram. In addition, the half Fib retracement level of the last decay from the $7,705 swing high to $7,258 low is at $7,483. In this way, there could be a dismissal close to the $7,500 level.

Looking at the chart, there is an RSI divergence forming, which is signaling a larger upward move above $7,400. Therefore, as long as the price stays above the $7,258 low, it is likely to bounce back above $7,500.

Bitcoin, BTC, Ethereum, BTCuk, BitCoinEurope, BTCeurope, ICO, ICOeurope, CryptoUK, CryptocurrencyUK, CryptosUK, Crypto, CryptoNews, CryptoLife, Cryptocurrency, InitialCoinOffering, CoinMarketCap, ETH, XRP, EOS, GVT, LTC, NEO, BNB, ADA, TRX, XVG, BCC, BCH
Bitcoin, BTC, Ethereum, BTCuk, BitCoinEurope, BTCeurope, ICO, ICOeurope, CryptoUK, CryptocurrencyUK, CryptosUK, Crypto, CryptoNews, CryptoLife, Cryptocurrency, InitialCoinOffering, CoinMarketCap, ETH, XRP, EOS, GVT, LTC, NEO, BNB, ADA, TRX, XVG, BCC, BCH

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is currently in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI is recovering from the 30 level.

Major Support Level – $7,258

Major Resistance Level – $7,500

 

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