Bitcoin price is down roughly 10% and it broke the key ,000 support against the US Dollar.The price is currently consolidating losses below ,000 and it could continue to slide.There was a break below a crucial breakout pattern with support near ,140 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).The pair is likely to break the ,150 and ,000 support levels to extend its decline in the near term.Bitcoin price is back in a downtrend below ,000 against the US Dollar. BTC is likely to face a strong resistance near ,000 and ,350 if it attempts to recover.Bitcoin Price AnalysisThis past week, bitcoin price struggled to rise above the ,300 resistance against the US Dollar. As a result, the BTC/USD pair started a solid decline below the ,000 support.
Topics:
Aayush Jindal considers the following as important: Bitcoin, Bitcoin News, BTC, News, Trading
This could be interesting, too:
Emily John writes GRVT Launches Alertatron Trading Event and Airdrop Before TGE
Bilal Hassan writes Coinbase Expands in Nigeria with Onboard Global Partnership
Bitcoin Schweiz News writes Bitcoin für die Ewigkeit: Warum das letzte BTC-Mining erst 2140 endet
Guest User writes XRP Price Faces Potential Drop: Leading KOL Warns of Imminent Correction with TD Sequential Sell Signal!
- Bitcoin price is down roughly 10% and it broke the key $9,000 support against the US Dollar.
- The price is currently consolidating losses below $9,000 and it could continue to slide.
- There was a break below a crucial breakout pattern with support near $10,140 on the 4-hours chart of the BTC/USD pair (data feed from Coinbase).
- The pair is likely to break the $8,150 and $8,000 support levels to extend its decline in the near term.
Bitcoin price is back in a downtrend below $9,000 against the US Dollar. BTC is likely to face a strong resistance near $9,000 and $9,350 if it attempts to recover.
Bitcoin Price Analysis
This past week, bitcoin price struggled to rise above the $10,300 resistance against the US Dollar. As a result, the BTC/USD pair started a solid decline below the $10,000 support. Furthermore, there was a close below the $10,000 support and the 55 simple moving average (4-hours). More importantly, there was a break below a crucial breakout pattern with support near $10,140 on the 4-hours chart.
It opened the doors for more downsides below $9,800. This week, the price resumed its decline after a minor upside correction to $10,380. It broke many supports near $9,600 and $9,350 to enter a bearish zone. Moreover, there was a break below the $9,000 and $8,500 supports. A new monthly low was formed near $8,169 and the price is currently consolidating losses.
It tested the 23.6% Fib retracement level of the last major decline from the $10,380 high to $8,169 low. On the upside, there are many hurdles near the $8,800 and $9,000 levels. The main resistance is near the $9,300 level. It coincides with the 50% Fib retracement level of the last major decline from the $10,380 high to $8,169 low. Moreover, there is a connecting bearish trend line forming with resistance near $9,750 on the same chart.
Therefore, an upward move towards the $9,000 and $9,300 levels is likely to face a strong selling interest. The current price action suggests more downsides below the $8,500 level. It seems like the price may even break the $8,169 low and the $8,000 handle in the coming sessions.
Looking at the chart, bitcoin price is now trading in a downtrend below $9,000. In the short term, there could be upsides and recovery, but the bulls are likely to struggle near $9,000 and $9,350. Only a daily close above $9,350 might decrease the current selling pressure.
Technical indicators
4 hour MACD – The MACD is gaining momentum in the bearish zone.
4 hour RSI (Relative Strength Index) – The RSI is currently in the oversold area.
Key Support Levels – $8,160 and $8,000.
Key Resistance Levels – $8,800, $9,000 and $9,350.