Bitcoin (BTC) Price Bearish Breakdown Looks Real, $7,500 Next?

2019-10-17 09:00

Bitcoin price is back in a downtrend with a close below the $8,000 support against the US Dollar. The price is trading below the $8,000 support and remains at a risk of more losses below $7,800. Yesterday’s highlighted major declining channel was breached with support near $8,100 on the hourly chart of the BTC/USD pair (data feed from Kraken). The price could correct in the short term, but the $8,020 and $8,100 resistances are likely to prevent gains.

Bitcoin price is declining and trading below key supports against the US Dollar. BTC is likely to extend its decline below the $7,800 support area in the near term.

Bitcoin Price Analysis

Yesterday, we saw bearish signs for bitcoin below the $8,250 support area against the US Dollar. BTC price gained bearish momentum and broke a couple of important supports near the $8,100 level and the 100 hourly simple moving average. Moreover, the price broke a crucial support area near the $8,020 and $8,000 levels to move into a bearish zone and start another decline.

Additionally, yesterday’s highlighted major declining channel was breached with support near $8,100 on the hourly chart of the BTC/USD pair. The pair traded below $7,950 and formed a new weekly low near $7,915. It is currently consolidating gains below the $8,000 resistance area. An immediate resistance is near the $8,000 and $8,020 levels. Moreover, the 23.6% Fib retracement level of the recent drop from the $8,385 high to $7,915 low is also near the $8,020 resistance.

If there is an upside correction above $8,020, bitcoin could recover towards the $8,100 resistance area (the previous support). Above $8,100, the next major resistance is near the $8,150 level. It represents the 50% Fib retracement level of the recent drop from the $8,385 high to $7,915 low. However, the price must move above the $8,250 resistance and the 100 hourly SMA to start a decent upward move.

On the downside, an initial support is near the $7,915 low. Besides, the first key support is near the $7,800 level. If there is a downside break below the $7,800 support, the price could extend its decline towards the key $7,600 and $7,500 support levels.

Looking at the chart, bitcoin is now trading in a downtrend and the recent breakdown below $8,000 is likely to gain momentum. Therefore, it seems like the price might head towards the $7,800 and $7,500 support levels in the coming sessions.

Technical indicators:

Hourly MACD – The MACD is about to move back into the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is declining and is well below the 40 level.

Major Support Levels – $7,800 followed by $7,500.

Major Resistance Levels – $8,020, $8,100 and $8,150.

The post Bitcoin (BTC) Price Bearish Breakdown Looks Real, $7,500 Next? appeared first on NewsBTC.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Lendroid Support Token (LST) на Currencies.ru

$ 0.00049 (+0.76%)
Объем 24H $0
Изменеия 24h: 5.17 %, 7d: -58.34 %
Cегодня L: $0.00049 - H: $0.00049
Капитализация $0 Rank 3554
Цена в час новости $ 0.000429 (14.22%)

price support bitcoin below btc breakdown looks

price support → Результатов: 126


Polkadot (DOT) Price Prediction: Here’s Why $6.5 Support Could Launch 5X Rally

Polkadot (DOT) has experienced noteworthy price movements lately. Starting the year with a massive rally, DOT reached a peak of $11. 87 before retracing by over 40% to a crucial support zone. This support level has been defended multiple times by buyers, raising questions about whether the price will rebound or continue to lower levels.

2024-6-14 22:30


Stellar Price Prediction: XLM Has Bounced on the Support Line, Where Is It Heading Now?

Long-Term Outlook A look at the Weekly chart for XLM in logarithmic form shows that price is trading above the major support area is $0. 06-$0. 07, currently trading at $0. 086. Furthermore, the price is facing very close resistance from the 200-period moving average and trading below the 21 and 50 MAs and the Ichimoku Cloud.

2019-3-1 14:59