Bitcoin Price Analysis: BTC/USD continues price consolidation below $7,000 as bears and bulls have an epic tug of war
- The MACD in the daily chart indicates decreasing bullish momentum.
- The one-hour BTC/USD chart shows early bearish dominance, followed by a comeback from the bulls.
BTC/USD daily chart
BTC/USD continued to consolidate below the $7,000 level as the bears managed to drop the price from $6,906.90 to $6,874. The bears need to break below the $6,694.15 support level to continue the downward momentum. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator has had three straight red sessions showing overall bearish sentiment.
BTC/USD one-hour chart
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The hourly BTC/USD chart makes for some pretty interesting reading. The bears started the session strongly, with BTC/USD falling from $6,908.2 to $6,696.35 in two hours. Following that, the price trended horizontally for a bit before the bulls regained control and took the price up from $6,628.88 to $6,887.30 in 10 hours. In the process, the hourly price has broken above the SMA 50 curve and the 20-day Bollinger Band, indicating that the asset is overvalued in the hourly timeframe. This means that another bearish correction may be around the corner. The 20-day Bollinger jaw has widened, showing increasing market volatility, while the RSI indicator is trending horizontally around 59.25.
Key levels
Author
Rajarshi Mitra
Independent Analyst
Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.
