Bitcoin failed to surpass the $7,200 resistance and declined below $7,000 against the US Dollar. BTC price is showing a few bearish signs, but the bulls are likely to protect $6,555.
- Bitcoin is declining and trading below the $7,000 support zone against the US Dollar.
- It is testing a major support near the $6,750-$6,800 region.
- There was a break below a key bullish trend line with support near $7,110 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair is likely to find a strong buying interest if it corrects further towards the $6,555 support.
Bitcoin Correcting Gains
After a couple of failed attempts above $7,200, bitcoin price reacted to the downside against the US Dollar. BTC started a downside correction from the $7,229 swing high and traded below the $7,100 support.
The price declined sharply below the $7,000 support and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support near $7,110 on the hourly of the BTC/USD pair.Bulls in Action?
On the downside, an immediate support is near the $6,750-$6,800 zone. If bitcoin slides below the $6,750 support, there is a risk of an extended decline in the near term.The key support is seen near the $6,555 level, where the bulls are likely to take a stand. Any further losses may perhaps start a substantial decline towards the $6,200 and $6,000 levels in the near term.
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