Do or Die For Bitcoin Bulls: Here’s What Could Trigger A Sharp Decline

2020-1-23 08:22

Bitcoin bulls are facing an uphill task near $8,700 and $8,800 against the US Dollar. BTC price could either rally above $8,800 or decline heavily below $8,470 in the coming sessions. Bitcoin is showing a few bearish signs after it was rejected near $8,800. The price is currently sliding and it is approaching the key $8,560 and $8,470 support levels. There is a major bearish trend line forming with resistance near $8,640 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could either start a fresh increase above $8,800 or decline heavily below $8,470. Bitcoin Price Could Slide Below $8,470 In the past couple of analyses, we discussed the importance of the $8,800 resistance for bitcoin against the US Dollar. Recently, BTC price tested the $8,800 resistance, but it failed to continue higher. A high was formed near $8,800 and the price started declining. It traded below the $8,700 and $8,650 levels. Moreover, there was a break below the 23.6% Fib retracement level of the upward move from the $8,335 low to $8,800 high. Bitcoin price even settled below the $8,640 level and the 100 hourly simple moving average. There is also a major bearish trend line forming with resistance near $8,640 on the hourly chart of the BTC/USD pair. Bitcoin Price It is now testing the $8,560 support, and the 50% Fib retracement level of the upward move from the $8,335 low to $8,800 high. If there is a break below the $8,560 support, the next important support and the last line of defense is near the $8,470 level. If the bears are able to push the price below $8,470, it is likely to start a substantial decline in the coming session. In the mentioned bearish scenario, bitcoin may perhaps decline towards the $8,200 support level. Any further losses could lead the price towards the $8,000 support. Bullish Case For BTC If BTC bulls are able to protect the $8,470 support area, the price could climb higher. The first hurdle is near the trend line at $8,640, followed by the 100 hourly SMA at $8,700. The main resistance is still near the $8,800 and $8,810 levels. Bitcoin must gain strength above the $8,800 resistance area to start a convincing upward move. The next bullish targets could be $9,200 and $9,250. Technical indicators: Hourly MACD – The MACD is slowly gaining momentum in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently sliding and it is well below the 50 level. Major Support Levels – $8,560 followed by $8,470. Major Resistance Levels – $8,640, $8,700 and $8,800. The post appeared first on NewsBTC.

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Bitcoin Freefall Alert: On-Chain Metrics Expose Vulnerability, Targets $23,000

The recent decline in Bitcoin (BTC) has raised concerns among market participants as the largest cryptocurrency struggles to maintain its upward momentum.   With the loss of key moving averages and the $27,000 level, BTC’s sharp decline has been exacerbated by negative market sentiment and delays in the approval of spot Bitcoin Exchange-Traded Funds (ETFs) by the US Securities and Exchange Commission (SEC).

2023-9-1 21:00


Bitcoin’s Dominance is Signaling That “Altseason” May Be in Grave Jeopardy

Bitcoin’s dominance has been seeing a sharp decline over the past few days and weeks as altcoins have captured the majority of investors’ attention Yesterday, however, this metric hit a historically important region, and shortly after the benchmark cryptocurrency’s price began rebounding Some analysts are now noting that it may be “pullback time” for altcoins, with this potential decline being perpetuated if Bitcoin can smash above $10,000 Ethereum could also play a big role in […]

2020-7-27 22:00


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