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Breaking News: Trump Prepares To Allow Crypto Investments In $9 Trillion Retirement Market

Bitcoin (BTC) In Slow And Steady Decline, $8.2K Likely Target

Aayush Jindal
Aayush Jindal
1 year ago
2 mins read
Bitcoin Price Analysis

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Created by industry experts and meticulously reviewed
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  • Bitcoin price is currently declining below the $8,600 support area against the US Dollar.
  • A new monthly low was formed near $8,457 and the price is currently correcting higher.
  • There is a key declining channel forming with resistance near $8,710 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • There is a risk of more downsides as long as the price is below $8,700 and $8,880.

Bitcoin price is gaining bearish momentum below $8,700 against the US Dollar. Therefore, BTC could continue to move down towards the next support near $8,300 and $8,200.

Bitcoin Price Analysis

In the past few sessions, there was a steady decline below the $8,800 level in bitcoin against the US Dollar. BTC broke the $8,750 and $8,700 levels to move further into a bearish zone.

Moreover, there was a break below the $8,600 support area and the price settled well below the 100 hourly simple moving average. Finally, the price broke the $8,550 and $8,500 support levels.

A new monthly low was formed near $8,457 and the price is currently consolidating losses. Besides, it is trading near the 23.6% Fib retracement level of the recent decline from the $8,785 high to $8,457 low.

On the upside, an immediate resistance is near the $8,580 and $8,600 levels. The first key resistance for bitcoin is near the $8,620 level. Additionally, it coincides with the 50% Fib retracement level of the recent decline from the $8,785 high to $8,457 low.

More importantly, there is a key declining channel forming with resistance near $8,710 on the hourly chart of the BTC/USD pair. To move into a positive zone, the price must break the $8,700 and $8,800 resistance levels.

The main resistance is near $8,880, above which the price is likely to accelerate higher towards the $9,000 and $9,200 levels. On the downside, an initial support is near the $8,450 level.

If there is another break down below the $8,450 level, the price may perhaps continue to move down below $8,400. The next major support is near the $8,300 and $8,200 levels, where the bulls are likely to appear.

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin is clearly trading in a slow and steady decline below $8,700 and $8,800. Thus, there are high chances of more losses below the $8,500 and $8,450 levels. Conversely, a break above $8,700 might start a decent recovery in the near term.

Technical indicators:

Hourly MACD – The MACD is currently gaining momentum in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently correcting higher, but it is well below 50 level.

Major Support Levels – $8,450 followed by $8,300.

Major Resistance Levels – $8,620, $8,700 and $8,800.

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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.

Read more

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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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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