Bitcoin price is currently declining and it recently failed to surpass the ,660 resistance against the US Dollar.The price is now trading well below the key ,400 and ,300 support levels.There is a declining channel forming with resistance near ,300 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair is likely to extend its decline as long as there is no upside break above ,300 and ,400.Bitcoin price is signaling more downsides below ,200 against the US Dollar. BTC could revisit the ,700 support unless there is a break above ,300 and ,400.Bitcoin Price AnalysisThis past week, bitcoin price climbed higher nicely above the ,400 resistance area against the US Dollar. Moreover, the BTC/USD pair surpassed the ,550 resistance and the 55 simple
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- Bitcoin price is currently declining and it recently failed to surpass the $8,660 resistance against the US Dollar.
- The price is now trading well below the key $8,400 and $8,300 support levels.
- There is a declining channel forming with resistance near $8,300 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to extend its decline as long as there is no upside break above $8,300 and $8,400.
Bitcoin price is signaling more downsides below $8,200 against the US Dollar. BTC could revisit the $7,700 support unless there is a break above $8,300 and $8,400.
Bitcoin Price Analysis
This past week, bitcoin price climbed higher nicely above the $8,400 resistance area against the US Dollar. Moreover, the BTC/USD pair surpassed the $8,550 resistance and the 55 simple moving average (4-hours). Finally, the price spiked above the $8,660 resistance, but it failed to retain bullish momentum. A swing high was formed near $8,823 and recently the price started a downside correction.
There was a break below the $8,550 and $8,400 support levels. Additionally, the price traded below the 50% Fib retracement level of the upward move from the $7,758 low to $8,823 high. Besides, the price is now trading below the $8,300 level and the 55 simple moving average (4-hours). At the moment, the price is testing the $8,150 support. It coincides with the 61.8% Fib retracement level of the upward move from the $7,758 low to $8,823 high.
More importantly, there is a declining channel forming with resistance near $8,300 on the 4-hours chart of the BTC/USD pair. If there is a downside break below the $8,150 support and $8,100, bitcoin price could accelerate losses. An immediate support is near $8,000 and the 76.4% Fib retracement level of the upward move from the $7,758 low to $8,823 high.
Any further losses are likely to push the price towards the $7,700 support area. On the upside, there is a strong resistance forming near the $8,300 level and the 100 SMA. A successful close above the $8,300 and $8,400 levels is must for the price to move into a positive zone.
Looking at the chart, bitcoin price is struggling to hold gains above $8,100 and $8,000. Therefore, there are chances of an extended decline below the $8,000 support. The main support is near $7,700, followed by $7,550. On the upside, a break above $8,400 could push the price towards the $8,800 and $9,000 resistance levels.
Technical indicators
4 hour MACD – The MACD is showing negative signs the bearish zone.
4 hour RSI (Relative Strength Index) – The RSI is currently well below the 50 level, with a bearish angle.
Key Support Levels – $8,000 and $7,700.
Key Resistance Levels – $8,350, $8,400 and $8,500.