From our previous BTC analysis: “Now Bitcoin is facing the $7,800~ support area. From here, next support levels lie at $7,500 (weak) and $7,300 (strong support).”
As written, Bitcoin had tested the strong $7,300 support area, and facing now strong resistance at the descending trend line, and the $7,500 level.
The sell-offs were followed by high trading volumes. Despite that, the recent red candles are getting smaller, what indicates on the shrinking number of sellers. RSI is very high, alongside with the high volume of the sellers – might indicate on the advantage for the bears. From here, breaking the $7,300 support area and the next targets are $7,000, $6,600 (strong) and $5,900 (the 2018 low that was recorded on Feb.6). From the bull side, which still can’t be seen as of now, is support-turned resistance at $7,800 and $8,200.
BTC/USD BitFinex 4 Hours chart
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