Bitcoin price is currently consolidating losses above the ,600 and ,800 levels against the US Dollar.The price is facing a lot of hurdles near the ,500 and ,800 levels on the upside.There are two key bearish trend lines forming with resistance near ,420 and ,850 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair is likely to struggle in clearing the ,420 and ,500 resistance levels in the near term.Bitcoin price is trading in a bearish zone below ,000 against the US Dollar. BTC could attempt to surpass the key ,500 and ,600 resistance levels.Bitcoin Price AnalysisThis past week, bitcoin price extended its decline below the ,000 support against the US Dollar. The BTC/USD pair even broke the ,500 support and settled well below the 55 simple
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- Bitcoin price is currently consolidating losses above the $7,600 and $7,800 levels against the US Dollar.
- The price is facing a lot of hurdles near the $8,500 and $8,800 levels on the upside.
- There are two key bearish trend lines forming with resistance near $8,420 and $8,850 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to struggle in clearing the $8,420 and $8,500 resistance levels in the near term.
Bitcoin price is trading in a bearish zone below $9,000 against the US Dollar. BTC could attempt to surpass the key $8,500 and $8,600 resistance levels.
Bitcoin Price Analysis
This past week, bitcoin price extended its decline below the $9,000 support against the US Dollar. The BTC/USD pair even broke the $8,500 support and settled well below the 55 simple moving average (4-hours). Finally, there was a break below $8,000 and the price traded to a new monthly low near $7,699. Recently, the price started an upside correction above the $8,000 resistance area.
Moreover, the price traded above the $8,200 and $8,300 levels. There was also a break above the 23.6% Fib retracement level of the crucial decline from the $10,380 high to $7,669 low. However, the price faced a strong resistance near the $8,500 level and the 55 simple moving average (4-hours). Additionally, there are two key bearish trend lines forming with resistance near $8,420 and $8,850 on the 4-hours chart of the BTC/USD pair.
Above the first trend line, the next important resistance is near the $8,800 and $9,000 levels. The 50% Fib retracement level of the crucial decline from the $10,380 high to $7,669 low is also close to the $9,000 level to act as a hurdle for the bulls. Therefore, an upward move above the $8,500 level may perhaps face a strong resistance near the $8,800 and $9,000 levels.
If the price fails to continue higher, it could correct lower towards the $8,000 level. If there is a downside break below the $8,000 support, the price is likely to retest the $7,700 area. Any further losses may perhaps drift the price towards the $7,500 and $7,450 levels in the near term.
Looking at the chart, bitcoin price is clearly facing a lot of hurdles near the $8,420 level and the 55 simple moving average (4-hours). A successful close above the 55 SMA could start an extended correction towards the $9,000 resistance area.
Technical indicators
4 hour MACD – The MACD is losing momentum in the bullish zone.
4 hour RSI (Relative Strength Index) – The RSI is currently declining and is just below the 50 level.
Key Support Levels – $8,000 and $7,700.
Key Resistance Levels – $8,420, $8,800 and $9,000.