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
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
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
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