Bitcoin Price Analysis: 7K seems to be a massive barrier

Bitcoin is has tested the 7K level 4 times and managed to break it one but cannot sustain the move.
The 6600.00 support zone is now even more significant as a break could give us some clues.

Rajan Dhall, MSTA FX Daily

BTC/USD 1-hour chart

Bitcoin managed to get as high as 7,254.74 but sold off as the bulls could not manage to keep the buying momentum going. The bulls then tried to take another run at the highs and the second wave only managed to get as high as 7048.98 and briefly hold above the 7K zone.

On the downside now, the price managed to find some support at the 55 exponential moving average (EMA). The spike through the EMA took the price to the 6600.00 level and now this is a key zone. If the price breaks the support then a new lower high and lower low would be created possibly starting the change in trend.

Underneath that, the blue trendline could also offer support and it is quite close to the 200 1-hour simple moving average (SMA). Lastly, the RSI has moved below the 50 mid-line indicating the bearishness could be more permanent.

Additional levels

BTC/USD

Overview
Today last price	6755.14
Today Daily Change	-48.31
Today Daily Change %	-0.71
Today daily open	6803.45

Trends
Daily SMA20	6110.48
Daily SMA50	7783.96
Daily SMA100	8161.98
Daily SMA200	8212.79

Levels
Previous Daily High	7254.75
Previous Daily Low	6582.84
Previous Weekly High	6983.8
Previous Weekly Low	5683.95
Previous Monthly High	9215.51
Previous Monthly Low	3886.49
Daily Fibonacci 38.2%	6998.08
Daily Fibonacci 61.8%	6839.51
Daily Pivot Point S1	6505.94
Daily Pivot Point S2	6208.43
Daily Pivot Point S3	5834.03
Daily Pivot Point R1	7177.85
Daily Pivot Point R2	7552.26
Daily Pivot Point R3	7849.76

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

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