30 August BTCUSD Price Technical Analysis: Bitcoin dives below $7,000

Bitcoin dipped marginally below $7,000 handle and touched $6,960 low during early Asian hours as the upside movement ground to a halt despite positive developments. What is next? Read on as the following 30 August BTCUSD Price Technical Analysis explains.

30 August, AtoZ Markets – Bitcoin stays below $7,000 handle as the positive momentum has faded away leaving crypto bulls in disarray.

Ceteris paribus, the downside correction may gain traction towards the end of the week, taking the digital coin No. 1 below $6,900. However, the trend remains positive as long as the price stays above the short-term trendline at $6,850.

30 August BTCUSD Price Technical Analysis

BTCUSD is capped by SMA50 (1-hour) at $7,030. Once this level is cleared, the ultimate resistance at $7,128 (Tuesday’s high) will come into view.

Considering that the way to the North is riddled with numerous technical levels, the bulls will find it difficult to renew the recovery.

On the downside, once below $6,900, the sell-off may take the price to the downside trendline at $6,863 and 23.6% Fibo retracement at $6,800.

BTCUSD, 1-hour chart

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