Bitcoin Price Watch: BTC/USD Tumbles, Sell On Rallies Near $6,770

2018-8-8 11:48

Key Points Bitcoin price declined sharply and broke an important support near $6,830 against the US Dollar. A crucial bearish trend line with current resistance at $7,000 acted as a hurdle on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair declined below the $6,500 level and recoveries are likely to face sellers near $6,770.

Bitcoin price turned bearish below $6,830 against the US Dollar. BTC/USD could correct higher, but it is likely to face heavy selling interest near $6,700 and $6,770.

Bitcoin Price Analysis

Yesterday, we discussed that there could be a recovery above $7,050 in bitcoin price against the US Dollar. The BTC/USD pair did move above $7,050, but as discussed upsides were capped. The price failed to break the $7,070 and $7,150 resistance levels. More importantly, there was a rejection pattern formed near the $7,150 level and the 100 hourly simple moving average.

Lastly, a crucial bearish trend line with current resistance at $7,000 acted as a hurdle on the hourly chart of the BTC/USD pair. As a result, there was a sharp downside move and the price broke the $6,880 and $6,830 support levels. It moved into a bearish zone and even broke the $6,600 and $6,500 support levels. A low was formed near $6,393 and the price is currently consolidating losses. An initial resistance is near the 23.6% Fib retracement level of the last drop from the $7,157 high to $6,393 low. However, the most important resistance is near $6,700 and $6,770. It represents the 50% Fib retracement level of the last drop from the $7,157 high to $6,393 low.

Looking at the chart, BTC price is clearly in a bearish zone below $6,830. Any recoveries from the current levels are likely to face sellers near $6,700 and $6,770.

Looking at the technical indicators:

Hourly MACD – The MACD for BTC/USD is slowly reducing its bearish slope.

Hourly RSI (Relative Strength Index) – The RSI is positioned in the oversold zone.

Major Support Level – $6,200

Major Resistance Level – $6,770

The post Bitcoin Price Watch: BTC/USD Tumbles, Sell On Rallies Near $6,770 appeared first on NewsBTC.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 69296.07 (-0.50%)
Объем 24H $37.991b
Изменеия 24h: 4.93 %, 7d: 10.09 %
Cегодня L: $68995.48 - H: $69296.07
Капитализация $1365.206b Rank 1
Цена в час новости $ 6527.78 (961.56%)

bitcoin near usd btc price declined pair

Источник: newsbtc.com

bitcoin near → Результатов: 126


Фото:

Exchanges Round-Up: CME Rejects Altcoins, Waves DEX Hacked on Launch

In recent news pertaining to cryptocurrency exchanges, the CEO of Chicago Mercantile Exchange (CME) has indicated that the company has no intentions of introducing derivative markets for alternative cryptocurrencies in the near futures; Waves’ decentralized exchange was hacked upon launch; and the founder Pakcoin has attributed Pakistan’s slow rate of cryptocurrency adoption to low literacy […] The post Exchanges Round-Up: CME Rejects Altcoins, Waves DEX Hacked on Launch appeared first on Bitcoin News.

2018-7-28 01:15


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

4 Key Reasons Why The Bitcoin Bull Run Is Far From Over

In an analysis shared via X, renowned crypto analyst Ted (@tedtalksmacro) has provided compelling evidence to support his assertion that the current Bitcoin bull run is far from over. Ted’s insights are based on four critical indicators related to traditional finance and crypto liquidity, each pointing to sustained growth in the near future.

Bitcoin Not Out Of Danger Yet, NVT Golden Cross Warns

On-chain data shows the Bitcoin Network Value to Transactions (NVT) Golden Cross still has a high value, a sign that may be bearish for BTC. Bitcoin NVT Golden Cross Is Still Near Historical Top Zone In a CryptoQuant Quicktake post, an analyst discussed the recent trend in the NVT Golden Cross for BTC and its implications for the price.

Bitcoin Hash Ribbons Form Capitulation Signal: What It Means

On-chain data shows the Bitcoin Hash Ribbons have recently gone through a crossover. Here’s what it could mean for the cryptocurrency. Bitcoin Hash Ribbons Suggest Miner Capitulation Is On As explained by CryptoQuant community manager Maartunn in a Quicktake post, miners are capitulating right now if the Hash Ribbons indicator is to be believed.

Bitcoin Deja Vu: Indicator Mirrors Pattern That Led To 2021 Top

On-chain data suggests a Bitcoin indicator is currently mirroring the same trend that led to the top of the bull run in 2021. Bitcoin Long-Term Holder Distribution Appears To Be Ending As explained by CryptoQuant community manager Maartunn in a post on X, the BTC long-term holders are currently showcasing a trend that’s reminiscent of […]

Bitcoin HODLer Profit-Taking Calms Down After Wild Selling Spree: Green Sign For Rally?

On-chain data shows the Bitcoin long-term holders have finally cooled off their profit-taking after showing a wild selloff just earlier. Bitcoin Coin Days Destroyed Has Calmed Down For BTC Recently As pointed out by BTC on-chain research account “The Bitcoin Researcher” in a post on X, the Coin Days Destroyed In Profit metric has declined […]

Bitcoin Supply Shock: Exchange Inflow Trend Lowest Since 2015

On-chain data shows the Bitcoin exchange inflow trend has been at its lowest in almost a decade recently, a sign that may be bullish for the asset. Bitcoin Exchange Inflows Have Been On The Decline Recently As pointed out by CryptoQuant author Axel Adler Jr in a post on X, the BTC exchange inflows have […]

Bitcoin To Reach Escape Velocity? Analyst Makes The Case

An analyst has explained how Bitcoin seems to be showing a good setup to reach escape velocity based on the trend in this indicator. Bitcoin VWAP Oscillator Has Been Showing A Bullish Divergence As explained by analyst Willy Woo in a new post on X, a bullish divergence has appeared to be forming in the Volume-Weighted Average Price (VWAP) oscillator of the cryptocurrency.