More pressure from the Bears after the pullback will decrease Bitcoin price further, which may break $7,600 level and target $7,195 level. Should the Bulls defend the demand level of $7,600 the coin may target $8,235 level.
Key Highlights:
- Bitcoin price reversed at $7,600 level;
- the Bulls may take over Bitcoin market fully;
- the price is heading towards $8,235 level.
BTC/USD Medium-term Trend: Bearish
Resistance levels: $8,235, $9,398, $10,168
Support levels: $7,600, $7,195, $6,856
The 21-period EMA has crossed the 50 periods EMA downside as a sign of bearish momentum in the Bitcoin market. The crypto is trading below the two EMAs. The Moving Average Convergence Divergence period 12 is below zero levels and the signal lines bending down to indicate sell signal.
More pressure from the Bears after the pullback will decrease Bitcoin price further, which may break $7,600 level and target $7,195 level. Should the Bulls defend the demand level of $7,600 the coin may target $8,235 level.
BTC/USD Short-term Trend: Bearish
Meanwhile, MACD period 12 and its histogram are above zero level and the signal line pointing up to indicate a buy signal.
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