Market Overview

Bitcoin Break Points: $7,586- $7,237 - Who's The Boss On The Crypto Board?

Bitcoin Break Points: $7,586- $7,237 - Who's The Boss On The Crypto Board?
  • Bitcoin holds to key levels and does not get rubbed off from the drops in other cryptos
  • The general market situation calls for increased caution against possible contagion
  • Attention to a possible loss of yesterday's lows at $7,237

We are witnessing a strange situation in the European morning. Bitcoin continues to be above $7,400 and is keeping its bullish options intact. On the other hand, Ethereum and Ripple have lost all upward momentum and are moving back to key support levels for development in the medium term.

BTC/USD 240 Min

BTC/USD is trading at $7,442 on the European opening, completely isolated from the falls suffered by other major Cryptos.

Above the current price, BTC/USD needs a close above $7,586 to return to bullish mode. If the Bitcoin manages to send this bullish signal it will probably skip the $7,600 resistance level and go straight to the next resistance level at $7,730, which is the starting price level of the bearish figure developed since early June and the gateway to declaring the asset as bullish in the medium term.

Below current price: First support at $7,400 with some filtering. If BTC/USD loses this one, a close below yesterday's low of $7.237 would be a sign of bearish continuation. If BTC/USD also fails to hold on to the latter level, the next support level in the 50-EMA is at the $6,940 price level, followed by the price congestion support level of $6,850.

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MACD at 240 Min is crossed down but with very little inclination and opening. If Bitcoin loses supports and accelerates the downward moment, the fall might be important. If it holds, this configuration would develop another upward trend, although with terminal settings that would limit its development over time.

The DMI shows the sellers with little confidence, still at very low levels. On the other hand, the buyers have been going down in intensity, in line with the situation of price bottlenecks. ADX continues at high levels and shows no signs of weakness.

Posted-In: BitcoinCryptocurrency News Forex Markets Best of Benzinga


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