RATE Group | Bitcoin (BTC) Reaches Crucial Support At $7.4K, Larger Decline In Play?
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Bitcoin (BTC) Reaches Crucial Support At $7.4K, Larger Decline In Play?

22 Nov Bitcoin (BTC) Reaches Crucial Support At $7.4K, Larger Decline In Play?

Posted at 06:27h in Bitcoin News by

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  • Bitcoin price is down 6% and tested $7,400 (discussed in the medium term outlook) against the US Dollar.
  • The price is showing no signs of a strong recovery and remains at a risk below $7,800.
  • There is a key contracting triangle forming with resistance near $7,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • A daily close below $7,400 could open the doors for a push towards $6,500 (as discussed in the recent medium term outlook).

Bitcoin price is declining heavily below $7,800 and $7,600 against the US Dollar. The $7,400 support holds the key, below which BTC could eye a test of $6,500.

Bitcoin Price Analysis

In the recent medium term outlook, I discussed the chances of bitcoin declining further below $8,000 against the US Dollar. The first major bearish target was $7,400 and BTC price did test the same in the recent decline.

After struggling to recover above the $8,000 level and the 100 hourly simple moving average, there was a sharp decline. The price is down around…

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