On 4-hour chart, BTC/USD price went down below the level of 6800.00 (middle line of Bollinger Bands) and can fall further to the levels of 6562.50 (Murray [2/8]) and 6406.25 (Murray [1/8]).
If the instrument cannot consolidate below the level of 6800.00, it will begin to grow to the area of 7031.25 (Murray [5/8]).
The upward trend will be restored after the price is set above the level of 7031.25.
In this case, the next targets of buyers will be the levels of 7187.50 (Murray [6/8])-7343.75 (Murray [7/8]).
Technical indicators mostly reflect the moderate maintenance of the current downward trend.
Bollinger Bands are slightly converging, reflecting the development of the current trend.
MACD volumes are in the negative zone and are moving along the zero line.
Stochastic’s lines are pointed downwards.
Support and resistance
Support levels: 6718.75, 6562.50, 6406.25.
Resistance levels: 6875.00, 7031.25, 7187.50.
Long positions can be opened above the level of 7031.25 with the targets at around 7187.50-7343.50 and stop-loss 6931.00.