Bitcoin continues to struggle for the level of $7400. BTC could not gain a foothold above $7800, dropping to the support level of $7000.
The $7400 level provides enough resistance for the price and Bitcoin is unable to gain a foothold here. It seems that Bitcoin could turn around and create some new lows, moving forward.
In the short term, Bitcoin remains under bearish control. We can only say that the bulls took control when it exceeds the $7900 mark. And for the formation of a bullish trend, Bitcoin should rise to the area of November highs.
In this case, we can expect immediate support at the level of $7400.
Now Bitcoin has support at the level of $7100, $7000. If sales continue below $7000, support is expected at $6864 and $6790.
If the bears lower the price of Bitcoin below the October support at $6519, times will be very difficult for Bitcoin. We can expect a further decline. Once Bitcoin reaches the $6000 level, it will complete the technical pattern that started after it fell below the descending triangle in September 2019.
Alternatively, if the bulls manage to break up the level of $7400, higher resistance is at the level of $7570, $7700 and $7800.
RSI rises to level 50, which indicates that sales pressure is weakening. However, we must see an RSI breakout above 50 before we can name a bullish trend.