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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
technical analysis bitcoin
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Bitcoin Price (BTC) Downside Thrust Underway Before Fresh Rise

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Bitcoin price is currently declining after it failed to surpass the $8,400 resistance against the US Dollar.
  • The price is trading near the $8,000 support level, with a minor bearish angle.
  • There is a key declining channel forming with resistance near the $8,260 level on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price is at a risk of a downside break below the $8,000 support in the near term.

Bitcoin price is struggling to hold the key $8,000 support against the US Dollar. BTC might dip towards the $7,800 support area before it could start a decent recovery.

Bitcoin Price Analysis

In the past two sessions, there were bearish moves in bitcoin below $8,300 against the US Dollar. The BTC/USD pair followed a bearish path and broke the $8,200 support area. Moreover, there was a close below the $8,200 level and the 100 hourly simple moving average. The last swing high was formed near $8,300 before the price broke $8,200 support.

Additionally, there was a break below the 50% Fib retracement level of the upward move from the $7,659 low to $8,539 high. The recent decline was such that the price tested the $8,000 support area. More importantly, the price tested the 61.8% Fib retracement level of the upward move from the $7,659 low to $8,539 high. At the moment, the price is struggling to hold the $8,000 support area.

It seems like there is a key declining channel forming with resistance near the $8,260 level on the hourly chart of the BTC/USD pair. Thus, if there is a downside break below the $8,000 support, the price could accelerate its decline towards the $7,800 support area. Besides, an intermediate support is near $7,850 or the 76.4% Fib retracement level of the upward move from the $7,659 low to $8,539 high.

On the upside, there is a solid resistance forming near the $8,250 level and the 100 hourly SMA. Therefore, if there is an upside break above $8,250 and $8,300, the price could trade towards the main $8,500 resistance level in the near term.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin is clearly struggling to climb above the $8,300 level. Therefore, there is a risk of a downside break below the $8,000 support. In the mentioned case, the price could test the $7,800 support or trade to a new monthly low before it starts a decent recovery towards $9,000.

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 well below the 50 level.

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

Major Resistance Levels – $8,250, $8,300 and $8,500.

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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