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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
Bitcoin Price Analysis
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Bitcoin (BTC) Price Primed For Breakdown Below $8K

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Bitcoin price is extending its decline below the $8,250 resistance area against the US Dollar.
  • The price is likely to decline below the $8,000 and $7,800 support levels in the near term.
  • There is a major bearish trend line forming with resistance near $8,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • There are many bearish signs on the chart, suggesting a drop below $8,000.

Bitcoin price is facing an uphill task near $8,200 and $8,400 against the US Dollar. Therefore, BTC is likely to decline further below the $8,000 support area.

Bitcoin Price Analysis

This week, there were further losses in bitcoin below the $8,200 support area against the US Dollar. BTC extended its decline below the 100 hourly simple moving average and even tested the $8,000 support area.

A new monthly low was formed near $7,987 and the price is currently correcting higher. It traded above the $8,100 level and tested the $8,150 resistance area.

Furthermore, the price tested the 23.6% Fib retracement level of the recent decline from the $8,631 high to $7,987 low. However, the price seems to be facing a strong resistance near the $8,150 and $8,200 levels.

More importantly, there is a major bearish trend line forming with resistance near $8,150 on the hourly chart of the BTC/USD pair. If there is an upside break above the $8,200 resistance, bitcoin price could recover towards the $8,300 level.

The 50% Fib retracement level of the recent decline from the $8,631 high to $7,987 low is near the $8,300 area to act as a resistance. The next major resistance is now near the $8,400 level (the previous breakdown support).

It also coincides with the 61.8% Fib retracement level of the recent decline from the $8,631 high to $7,987 low. An intermediate resistance is near $8,360 and the 100 hourly simple moving average.

On the downside, an initial support is near the $8,000 area. If there is a daily close below $8,000, the price could even break the $7,800 support. Besides, the next key support is near the $7,400 level (as discussed in yesterday’s medium term outlook using the daily chart).

Bitcoin Price
Bitcoin Price

Looking at the chart, bitcoin price is facing resistance near the $8,150 and $8,200 levels. Thus, there is a risk of more downsides below $8,000. To start a decent recovery, the price must settle above $8,200 and then gain momentum above the $8,300 resistance.

Technical indicators:

Hourly MACD – The MACD is losing pace in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently moving lower towards the 30 level.

Major Support Levels – $8,000 followed by $7,800.

Major Resistance Levels – $8,150, $8,200 and $8,300.

Tags: bitcoinbtc
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Aayush Jindal

Aayush Jindal

Aayush is a Senior Forex, Cryptocurrencies, and Financial Market Strategist. He specializes in market strategies and technical analysis and has spent over 15 years as a financial markets contributor and observer. He also founded an IT company and works rigorously in providing high-quality software services. Aayush possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the currency, commodities, Bitcoin, and Ethereum markets. Follow him on Twitter @AayushJs.

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