The Bitcoin (BTC) has been trading downwards. The price tested the level of $7,327. A collection of recent funding news from the cryptocurrency ecosystem shows that despite record amounts of money raised by ICOs, the traditional route of raising funds from venture capital firms is still going strong. And cryptocurrency exchanges are involved both as investment targets and investors. The technical picture of Bitcoin looks bearish.
Trading recommendations:
According to the H1 time frame, I found a broken support trendline in the background, which is a sign that sellers are in control. I also found a hidden bearish divergence on the MACD oscillator, which is another sign of weakness. My advice is to watch for potential selling opportunities. The downward target is set at the price of $6,990.
Support/Resistance
$7,440 – Intraday resistance
$7,326– Intraday support
$6,990 – Objective target
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