Bitcoin Bulls Defend $7,450 But Need Progress Soon

Having defended the key support of $7,455, bitcoin bulls now need a quick move higher in order to neutralize the threat of a short-term bearish reversal.

The bulls have little margin for error, i.e. the upside needs to gather traction soon as the short-duration technical studies have already adopted a bearish bias, as seen in the chart below.

The bearish crossover between the 5-day and 10-day moving average indicates a short-term bearish setup.

The 50-hour, 100-hour, and 200-hour MAs are trending south and are located one below the other, indicating the path of least resistance is to the downside.

Clearly, the short-term charts are aligned in favor of the bears.

There is a real risk of BTC falling below the crucial support of $7,455 in the next 24 hours.

View BTC's solid defense of $7,455 is encouraging, but a positive follow-through needs to happen soon to invalidate the short-term bearish technical studies.

Lack of positive follow-through in the next few hours will likely yield a drop below $7,455.

A daily close below $7,455 would confirm a short-term bullish-to-bearish trend change and would open the doors to $7,000.

The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.