- Bitcoin must hold the ground above $7,100 to avert possible declines under $7,000.
- The resistance between $7,253 and $7,401 continues to limit Bitcoin’s upside.
The depression across the cryptocurrency market is at its peak. Bitcoin has shed 2.26% of its value on the day. After opening the day’s trading at $7,300, the price hit an intraday high of $7,301. However, downside correction overwhelmed the support at $7,200, and Bitcoin touched the low at $7,105.66.
The confluence tool places the initial resistance at $7,178. Slightly below this zone, Bitcoin price is starting to entertain sideways trading. Some of the indicators at this zone include the pivot point one-day support two, SMA five 15-minutes, SMA five 1-hour, the previous high 15-mins, SMA 10 15-mins, and the Bollinger Band 15-mins middle.
The toughest zone rests in the range between $7,253 to $7,401. The area is host to several indicators including SMA 50 15-mins, BB 1-hour middle, SMA five 4-hour and SMA 100 15-mins. A further correction towards $8,000 will encounter resistance at $7,624, $7698 and $7,921.
In the event of a break below $7,104 (initial support), Bitcoin could spiral towards $6,500. Another support is established at $6,584, likely to be the saving grace Bitcoin needs for a significant move above $8,000.
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