Bitcoin Will Likely Head Toward $7,250 If The Market Closes Beneath THIS Trading Level

Bitcoin dropped by a further 2.5% over the past 24 hours of trading as the coin falls into $7,870.
The cryptocurrency is now down by a total of 20% over the past 30-days of trading.

Bitcoin saw a 2.5% price decrease today as it trades at $7,871. The bulls are trying to recover from the drastic weekend performance in which Bitcoin rolled over from $9,200 and plummetted as low as $7,630. However, they are struggling to even close any candle above $8,000.

Nevertheless, the bulls are still battling, however, it does look like Bitcoin is preparing for another leg lower. It still remains strongly supported by the downside 1.414 Fibonacci Extension level at $7,750 and a break beneath this would certainly signal that Bitcoin is likely to head toward $7,250.

Bitcoin Price Analysis

BTC/USD – Daily CHART – SHORT TERM

Market Overview

Analyzing the daily chart above, we can see that Bitcoin managed to find support at the .786 Fibonacci Retracement level priced at $7,630 on Monday. It bounced higher from here and has not yet returned to this level.

However, Bitcoin is still struggling to close any candle above the $8,000 level which is a strong sign that we might be heading beneath $7,500 over the next few days.

Short term prediction: BEARISH

Bitcoin remains bearish at this moment in time and would need to climb back above $8,500 to turn neutral.

If the sellers do push beneath the current $7,750 support (downside 1.414 Fib Extension) the first level of lower support is found at $7,630 which is provided by the .786 Fib Retreacemnet). Beneath this, additional support is located at $7,500, $7,417 (downside 1.618 Fib Extension), and $7,265 (.886 Fib Retracement level).

On the other hand, resistance is located at $8,000, $8,250, $8,500, and $8,672.

Key Levels

Support:$7,750, $7,630, $7,500, $7,417, $7,265, $7,100, $7,000.

Resistance: $8,000, $8,250, $8,461, $8,672, $8,979, $9,000, $9,100, $9,270, $9,506, $9,740, $9,975, $9,000, $9,270, $9,500.

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Yaz Sheikh

Yaz is a cryptocurrency technical analyst and has been actively trading financial markets for over 7years, with 4 years of crypto experience. He is an Economics graduate who has taken a keen interest on the future potentials of blockchain in the financial industry. Aside from cryptocurrency and trading Yaz enjoys spending his time watching his favourite football team (Liverpool F.C.) compete as well as keeping up-to-date with the UFC. Follow him at @TcmYaz.

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