Bitcoin price analysis: Its now or never after the break down, $7,000 at risk

BTC continues to stay below the break down line.
Strong bounce needed in a day or two.

Manoj B Rawal Independent Analyst

The uncrowned king of the crytocurrency world, Bitcoin broke down of a key support on the charts and needs to bounce back up sharply in order to label the breakdown as a false and try and claim its lost glory.

BTC/USD is down half a percent at $7,292 and trading in a band of less than $100 - a sign of low volumes and low volatility of the weekends, which again leaves hope for the traders that this breakdown of a trendline support on the 360-minute charts could be a false breakdown. (Read earlier story here)

Bitcoin has a strong resistance in the form of the very trendline above $7,400 and any failure to bounce beyond that would bring the risks of breaking round figure mark of $7,000 on the downside.

BTC/USD 360-minute chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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