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technical analysis bitcoin

Bitcoin Price (BTC) Sighting Next Downside Break Below $8.2K

Aayush Jindal by Aayush Jindal
4 years ago
in Technical analysis
Reading Time: 2 mins read
  • Bitcoin price is consolidating yesterday’s losses above the $8,200 support against the US Dollar.
  • The price is clearly trading with a bearish bias and remains at a risk of more losses below $8,000.
  • There is a key breakout pattern forming with resistance near $8,600 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The price could soon resume its decline below $8,200 unless the bulls push the price above $8,800.

Bitcoin price is forming the next breakout pattern against the US Dollar. BTC could either resume its decline below $8,000 or it might recover towards $9,000.

Bitcoin Price Analysis

Yesterday, there was a nasty drop in bitcoin below the $9,000 support area against the US Dollar. The price declined close to 15% and even traded below the $8,500 level. Finally, the price settled well below the 100 hourly simple moving average and traded to a new monthly low at $8,055. Later, there was an upside correction above the $8,200 and $8,400 levels.

Moreover, the price recovered above the $8,500 level, plus the 23.6% Fib retracement level of the last major decline from the $10,087 high to $8,055 low. However, the upward move was capped by the $8,750 and $8,800 resistance levels. The bulls made a few attempts to push the price above $8,800, but they failed. As a result, the price started trading in a range below $8,800. At the outset, there is a key breakout pattern forming with resistance near $8,600 on the hourly chart of the BTC/USD pair.

To start a strong recovery, bitcoin price must surpass the $8,600 and $8,800 resistance levels. The next key resistance is near the $9,000 and $9,080 levels. Moreover, the 50% Fib retracement level of the last major decline from the $10,087 high to $8,055 low is also near the $9,070 level. Finally, there is a connecting bearish trend line forming on the same chart with resistance near $9,350 and the 100 hourly SMA.

Conversely, if the price breaks the triangle support at $8,320, there could be a fresh decline. An immediate support is near the $8,200 level, below which the price is likely to revisit the $8,000 support area. Any further losses is likely to open the doors for a drop to $7,500.

Bitcoin Price Analysis BTC Chart

Looking at the chart, bitcoin seems to be preparing for the next break either above $8,600 or towards $8,000. The chances of a downside break are high considering the technical structure below $8,000 and the current price action.

Technical indicators:

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

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently struggling to climb towards 50.

Major Support Levels – $8,200 followed by $8,000.

Major Resistance Levels – $8,600, $8,750 and $8,800.

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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