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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Bitcoin Price (BTC) Breaks Key Support: $8,800 Bearish Target Could Be Real

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
technical analysis bitcoin

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  • Bitcoin price extended its declined and broke the key $10,800 support level against the US Dollar.
  • The price even broke the last swing low and a major support area near the $10,500 level.
  • There is a key bearish trend line forming with resistance near $10,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price remains in a strong target and it seems like the $8,880 bearish target seems real.

Bitcoin price started a fresh decline below the $10,800 support against the US Dollar. BTC is currently correcting higher, but the $10,800 level is likely to act as a sell zone.

Bitcoin Price Analysis

In the past few days, there were heavy losses in bitcoin price below the $11,000 support against the US Dollar. The BTC/USD pair even broke the key $10,800 support area to extend its decline. Finally, there was a break below the last swing low and a major support area near the $10,500 level. The price settled below the $10,800 level and the 100 hourly simple moving average. A swing low was formed near the $9,784 level and the price is currently correcting higher.

More importantly, it seems like the $8,880 bearish target (as discussed in the weekly forecast) is now in sight. In the short term, there could be an upside correction above $10,200. The price is currently trading near the 23.6% Fib retracement level of the recent drop from the $11,466 high to $9,785 low. However, there are many resistance levels on the upside near the $10,500 and $10,600 levels.

Moreover, there is a key bearish trend line forming with resistance near $10,650 on the hourly chart of the BTC/USD pair. The 50% Fib retracement level of the recent drop from the $11,466 high to $9,785 low is just below the trend line. The main resistance is near the $10,800 level (the previous support area). To start a strong recovery, the price must settle above $10,800 level.

On the downside, an immediate support is near the $10,000 level, below which the price may retest the $9,780 level in the near term. If there are more losses, the price may continue to slide towards $9,500 and $9,200.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin price is clearly in a downtrend from the $13,200 yearly swing high. If the bears remain in action, it seems like the $8,880 bearish target (as discussed in the weekly forecast) could be test in the coming days.

Technical indicators:

Hourly MACD – The MACD is likely to move back in the bullish zone.

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

Major Support Levels – $10,000 followed by $9,750.

Major Resistance Levels – $10,500, $10,620 and $10,800.

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Aayush Jindal
Aayush Jindal

Aayush Jindal

Aayush Jindal, a luminary in the world of financial markets, whose expertise spans over 15 illustrious years in the realms of Forex and cryptocurrency trading. Renowned for his unparalleled proficiency in providing technical analysis, Aayush is a trusted advisor and senior market expert to investors worldwide, guiding them through the intricate landscapes of modern finance with his keen insights and astute chart analysis.

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From a young age, Aayush exhibited a natural aptitude for deciphering complex systems and unraveling patterns. Fueled by an insatiable curiosity for understanding market dynamics, he embarked on a journey that would lead him to become one of the foremost authorities in the fields of Forex and crypto trading. With a meticulous eye for detail and an unwavering commitment to excellence, Aayush honed his craft over the years, mastering the art of technical analysis and chart interpretation.
As a software engineer, Aayush harnesses the power of technology to optimize trading strategies and develop innovative solutions for navigating the volatile waters of financial markets. His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape.

In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions.

Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences.

Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department.

At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe.

In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.

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Reason to trust

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Created by industry experts and meticulously reviewed
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