Bitcoin Technical Analysis: Bears kick in as soon as BTC/USD crosses $7,500
- BTC/USD is hugging along the upper curve of the 20-day Bollinger Band in the daily chart.
- The RSI in the 4-hour chart has dipped into the overbought zone, indicating short-term correction.
BTC/USD daily chart
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BTC/USD went down from $7,493.34 to $7,491.50 in the early hours of Friday, as the bears kicked in as soon as the price crossed the $7,500 mark.BTC/USD is hugging along the upper curve of the 20-day Bollinger band. This Thursday, the price shot up from $7,137.50, spiking above the triangle formation in the process. The bulls will need to overcome resistance at $7,800 and the SMA 200. The Elliott Oscillator has had two straight green sessions.
BTC/USD 4-hour chart
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The 4-hour chart shows that price failed at the $7,537.20 resistance level after spiking from $7,138.53 to $7,537.20. After encountering strong resistance, the 4-hour price had three straight red sessions. The SMA 20 has crossed over the SMA 50 to chart a bullish cross. The Elliott Oscillator has gone up from -200.69 to 338.50 over the last 13 sessions. The RSI indicator is hovering along the edge of the overbought zone.
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.
