Bitcoin price analysis: Bearish bias intact while below $ 7,350


  • Bitcoin back in the red on Sunday, as weekend love falters.
  • BTC bears need a daily close below 7,100 to extend the downside.

Bitcoin (BTC/USD), the most favorite cryptocurrency, is under pressure so far this Sunday, having run into stiff resistances aligned near 7,350 region on its multiple recovery attempts.

The no. 1 coin saw a temporary reversal on Saturday from Friday’s half-yearly lows of 6,787. However, the selling bias resumed, as the market could be seeing it as a more of a dead bounce and refrain from buying into any short-lived optimism. At the press time, the spot hovers around 7,225, down nearly 1.35% on the day while almost unchanged over the last 24 hours. Its market capitalization now stands at $ 132.55 billion or 66.16% of the total crypto market capitalization.

Technical Overview

The spot is now teasing a symmetrical triangle breakdown on the hourly sticks, with an hourly closing below the ascending trendline pattern support at 7,200 likely to confirm a bearish break. The selling pressure is likely to intensify that could knock-off the pair towards the next demand zone around 7,100 levels. A breach of the last could bring the half-yearly lows back on the sellers’ radar. The widely traded digital asset has breached the horizontal 21-hourly Simple Moving Averages (HMA) at 7,250 while the hourly Relative Strength Index (RSI) inches further below the 50 level en-route the oversold territory, suggesting that there is room for further declines.

On the flip side, should the bulls manage to defend the 7,200-support area, the range play within the potential symmetrical triangle formation will likely continue. The price could re-attempt the 21-HMA, the now support-turned-resistance, opening doors towards a test of the 7,350 upside barrier, the confluence of the previous high and descending trendline pattern resistance.

For now, it looks that the bears are awaiting a fresh catalyst to resume the recent downtrend, as the recovery attempts lack substantial follow-through.

BTC/USD 1-hour chart

BTC/USD Levels to watch

BTC/USD

Overview
Today last price 7228.78
Today Daily Change -93.84
Today Daily Change % -1.28
Today daily open 7325.62
 
Trends
Daily SMA20 8579.2
Daily SMA50 8462.25
Daily SMA100 9187.48
Daily SMA200 9338.33
 
Levels
Previous Daily High 7346.02
Previous Daily Low 7104.54
Previous Weekly High 8633.09
Previous Weekly Low 6787.81
Previous Monthly High 10484.7
Previous Monthly Low 7300.54
Daily Fibonacci 38.2% 7253.77
Daily Fibonacci 61.8% 7196.78
Daily Pivot Point S1 7171.43
Daily Pivot Point S2 7017.25
Daily Pivot Point S3 6929.96
Daily Pivot Point R1 7412.91
Daily Pivot Point R2 7500.2
Daily Pivot Point R3 7654.38

 

 

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